Groupon Revenue Revision Sparks First Investor Backlash

Law360, New York (April 2, 2012, 7:40 PM EDT) -- Groupon Inc.'s stock price dropped nearly 17 percent on Monday after the coupon retailer said it would have to restate its earnings because of an accounting mishap, likely exposing the newly public company to its first rash of shareholder suits, attorneys said.

Late on Friday, Groupon acknowledged it had neglected to set aside enough money to cover refunds to customers — its second high-profile accounting error since deciding to go public last fall — and would have to reduce its fourth-quarter revenue by $14.3 million and...
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