Law Offices of Howard G. Smith Announces Class Action Lawsuit Against Groupon, Inc.
Law Offices of Howard G. Smith announces that a class action lawsuit has been filed in the United States District Court for the Northern District of Illinois on behalf of all persons or entities who purchased or otherwise acquired the common stock of Groupon, Inc. (“Groupon” or the “Company”) (NASDAQ: GRPN) pursuant and/or traceable to the allegedly false and misleading Registration Statement and Prospectus issued in connection with Groupon's November 4, 2011 initial public offering, including purchasers of Groupon common stock between February 8, 2012 and March 30, 2012, inclusive (the “Class Period”).
Groupon operates an e-commerce marketplace that connects merchants to consumers by offering goods and services at a discount in North America and internationally. The Complaint alleges that defendants misrepresented or failed to disclose that: (a) the Company materially understated refund reserves for fourth quarter 2011 due to a failure to properly account for coupon refunds; (b) as a result, the Company materially misstated its previously reported fourth-quarter and full-year 2011 financial results; and (c), the Company lacked adequate internal and financial controls.
No class has yet been certified in the above action. Until a class is certified, you are not represented by counsel unless you retain one. If you purchased Groupon common stock pursuant or traceable to the Company's November 4, 2011 initial public offering, and/or during the Class Period described above, you have certain rights, and have until June 4, 2012 to move for lead plaintiff status. To be a member of the class you need not take any action at this time, and you may retain counsel of your choice. If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, Toll Free at (888) 638-4847, or by email to firstname.lastname@example.org, or visit our website at http://www.howardsmithlaw.com.