Milberg LLP Announces Class Action Lawsuits Against Groupon, Inc.; Launches Case Website
Milberg LLP announces that class action lawsuits were filed on behalf of purchasers of Groupon, Inc. (“Groupon” or the “Company”) (NASDAQ: GRPN) common stock between November 4, 2011 and March 30, 2012, and pursuant to its November IPO (the “Class Period”).
Milberg LLP has created a website (http://www.grouponstockclassaction.com) that seeks to answer questions investors typically have about shareholder class actions.
The complaints allege that defendants issued materially false and misleading statements regarding the company's business practices and financial results, allowing the Company to issue inflated shares in an IPO valued at $20.
On March 30, 2012, Groupon announced a $14.3 million restatement to fourth quarter 2011 revenue and an increase to fourth quarter operating expenses that reduced operating income by $30.0 million, net income by $22.6 million, and earnings per share by $0.04. Groupon said its previous accounting underestimated the amount of money it needed to set aside for customer refunds. In reaction to the news, Groupon shares fell 16.89% to $15.28 per share.
If you purchased Groupon shares during the Class Period you may, no later than June 4, 2012, request that the Court appoint you lead plaintiff of the proposed class. A lead plaintiff is a class member that represents other class members in directing the litigation. Your share in any recovery will not be affected by serving as a lead plaintiff, however, lead plaintiffs make important decisions that could affect the overall recovery for class members. You do not need to be a lead plaintiff to recover. You may retain Milberg LLP, or other attorneys, for this action, but do not need to retain counsel to recover. If this action is certified as a class action, class members will be automatically represented by Court-appointed counsel. The complaint in this action was not filed by Milberg.
Milberg LLP has represented individual and institutional investors for over four decades and serves as lead counsel in Courts throughout the United States. Visit the Milberg website (www.milberg.com) for more information about the firm. If you wish to discuss this matter with us, please contact the following attorneys:
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Andrei Rado, Esq., 800-320-5081