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(EMAILWIRE.COM, April 11, 2012 ) Tampa, Florida - Morgan & Morgan announces that a class action lawsuit has been filed on behalf of investors of Groupon, Inc. (“Groupon” or the “Company”). The complaint alleges the Company issued materially false and/or misleading information between November 4, 2011 and March 30, 2012 (the “Class Period”), regarding their business, operations and financial condition. The securities attorneys at Morgan and Morgan would like to hear from individuals who purchased Groupon securities during this time period to determine if they have legal recourse to recover damages. To contact the firm for a free evaluation of your claim, please call (888) 601-0206 or e-mail securitieslaw@ForThePeople.com for more information.
On March 30, 2012, Groupon issued a press release announcing that its financial statements had to be restated and that its fourth-quarter income and sales were lower than it reported. Groupon announced that the Company’s fourth quarter revenue was being reduced by $14.3 million, its fourth quarter operating income reduced by $30 million, its net income reduced by $22.6 million, and its earnings per share reduced by $0.04 per share. In connection with this restatement, the company’s independent auditor, Ernst & Young, called the error a “material weakness in its internal controls” for 2011.
If you purchased Groupon shares between November 4, 2011 and March 30, 2012, 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 representative party that acts on behalf of other class members in directing the litigation. Your share in any recovery will not be affected by serving as a lead plaintiff. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. The complaint in this action was not filed by Morgan & Morgan. For more information please contact Morgan & Morgan, One Tampa City Center, 201 N. Franklin City Center, 7th Floor, Tampa, Florida 33602, or by telephone at (888) 601-0206, or by email to securitieslaw@ForThePeople.com, or visit our website at www.ForThePeople.com.
About Morgan & Morgan
Morgan & Morgan is one of the nation’s largest 200 law firms. In addition to securities law, the firm also practices in the areas of personal injury, overtime, and product liability. All of the Firm’s legal endeavors are rooted in its core mission: provide investor and consumer protection and always fight “for the people.” For more information, please visit www.ForThePeople.com.
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