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Block & Leviton LLP Investigates Groupon, Inc. and Certain of Its Officers and Directors for Violations of the Federal Securities Laws
Mar 30, 2012 (05:03 PM EDT)
BOSTON, March 30, 2012 /PRNewswire/ -- Block & Leviton LLP (www.blockesq.com), a Boston-based law firm representing investors nationwide, is investigating possible securities law violations involving Groupon, Inc. ("Groupon" or the "Company") (NASDAQ: GRPN).
The investigation began when the Company announced revisions to its reported financial results for its fourth quarter and year ended December 31, 2011. As a result of the announced revisions, the Company's fourth quarter 2011 revenue was reduced by $14.3 million. In addition, Groupon's fourth quarter operating income was reduced by $30.0 million, its net income by $22.6 million, and its earnings per share by $0.04.
In connection with an audit of Groupon's financial statements for the year ended December 31, 2011 by the Company's auditor, Ernst & Young LLP, the Company also issued a statement of "material weakness" regarding its internal financial controls. The Form 10-K for the year ended December 31, 2011 was filed today with the Securities and Exchange Commission. Block & Leviton's investigation seeks to determine, among other things, whether Groupon or its officers and directors have violated the federal securities laws.
If you have any information relevant to this investigation, or have questions about your legal rights, please contact Block & Leviton LLP.
Block & Leviton is a Boston-based law firm representing investors for violations of securities laws. The firm's lawyers have collectively been prosecuting securities cases on behalf of investors for over 50 years.
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SOURCE Block & Leviton LLP