LAWSUITS NEWS & LEGAL INFORMATION
Groupon GRPN Securities Stock Fraud
|Class Period:||Nov-4-11 to Mar-30-12|
|Lead Plaintiff Deadline:||Jun-3-12|
|Court:||District Court of Chicago|
The lawsuit also claims Groupon's revenue and growth were overstated, and the company "was not nearly resistant to competition as suggested by defendants."
The lawsuit was filed in U.S. District Court of Chicago on behalf of Fan Zhang who alleges the company "failed to disclose negative trends" that would have affected its IPO pricing of 35 million shares of common stock at $20 per share. Fan Zhang reportedly bought 3,000 shares of Groupon at an estimated $61,800 in February, then sold those shares in March at a $9,000 loss. The lawsuit goes on to state "Groupon's internal controls were so poor and inadequate that Groupon's reported results were not reliable," the suit claims.
The defendants include Groupon Chief Executive Andrew Mason and several banks that helped take the company public, including the lead IPO underwriters Credit Suisse, Goldman Sachs and Morgan Stanley.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
Groupon GRPN Securities Fraud Legal HelpIf you have suffered from financial losses, you may qualify for damages or remedies that may be awarded in a possible Groupon securities class action lawsuit. Please click the link below to submit your complaint for a free evaluation.
Published on Apr-4-12
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