Hilarious irony aside, what particularly is it that investors believe the company misrepresented about their financials? For people who didn't follow this too closely?
The Complaint alleges that defendants misrepresented or failed to disclose that: (a) the Company materially understated refund reserves for fourth quarter 2011 due to a failure to properly account for coupon refunds; (b) as a result, the Company materially misstated its previously reported fourth-quarter and full-year 2011 financial results; and (c), the Company lacked adequate internal and financial controls.
Yea. Basically a ton of accounting stuff that, in the eyes of the plaintiffs and the class action lawyers, Groupon had a duty to disclose before the IPO.
