Groupon Faces 1st Shareholder Suit Over Stock Drop

Law360, New York (April 4, 2012, 1:21 PM EDT) -- One day after a second high-profile accounting error sent Groupon Inc.'s stock prices plummeting, the coupon retailer was hit with its first putative shareholder class action in Illinois federal court Tuesday over the error and related misstatements.

Shareholder Fan Zhang filed the suit on behalf of himself and others who bought Groupon stock between its Nov. 4, 2011 public offering and the announcement last Friday that the company had failed to set aside enough money to cover customer refunds, forcing it to reduce its fourth-quarter 2011...
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