Press release from Business Wire
Shareholder Rights Law Firm Johnson & Weaver, LLP Investigates Groupon, Inc. For Mismanagement
Tuesday, April 03, 2012
SAN DIEGO (Business Wire) -- Shareholder Rights Law Firm Johnson & Weaver, LLP is investigating whether certain officers and directors of Groupon, Inc. (NASDAQ: GRPN) breached their fiduciary duties to the company and its shareholders in connection with issuing false and misleading statements to the investing public, particularly in light of significant accounting errors in Groupon's public financial statements.
On March 30, 2012, Groupon issued a press release announcing that its financial statements had to be restated, an admission that they were materially false and misleading, and that its fourth-quarter income and sales were actually lower than it reported. In connection with this restatement, the company's independent auditor, Ernst & Young, called the error a "material weakness in its internal controls" for 2011. These accounting errors follow similar misstatements made before Groupon became a publicly traded company that cut the company's sales in half.
Johnson & Weaver, LLP's investigation focuses on whether certain officers and directors knowingly issued false statements, failed to properly monitor the company's financial reporting structure, or failed to maintain sufficient controls over the company's accounting practices. If you are interested in learning about the investigation or your legal rights and remedies, please contact attorney Shawn Fields at (619) 230-0063 or firstname.lastname@example.org.
Johnson & Weaver, LLP is a nationally recognized shareholder rights law firm. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. For more information about the firm and its attorneys, please visit http://www.johnsonandweaver.com.
Johnson & Weaver, LLP
Shawn Fields, 619-230-0063