Groupon, Inc. (GRPN)


Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses Exceeding $50,000 In Groupon, Inc. To Contact The Firm

Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Groupon, Inc. (“Groupon” or the “Company”) (NASDAQ:GRPN) of the June 29, 2020 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.

If you invested in Groupon stock or options between November 4, 2019 and February 18, 2020 and would like to discuss your legal rights, please fill out the form below. There is no cost or obligation to you. You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com. 

The lawsuit has been filed in the U.S. District Court for the Northern District of Illinois on behalf of all those who purchased Groupon securities between November 4, 2019 and February 18, 2020 (the “Class Period”).  The case, Macovski v. Groupon, Inc. et al, No. 20-cv-02581 was filed on April 28, 2020, and has been assigned to Judge Matthew F. Kennelly.

The lawsuit focuses on whether the Company and its executives violated federal securities laws by making materially false and/or misleading statements, as well as failing to disclose to investors that: (1) that the Company was experiencing fewer customer engagements in its Goods category; (2) that Groupon relied on its Goods category to drive its sales, especially during the holiday season; (3) that, as a result of the foregoing, the Company was likely to experience reduced sales; and (4) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects, were materially misleading and/or lacked a reasonable basis.

Specifically, on February 18, 2020, after the market closed, Groupon reported sales of $612.3 million, a 23% decline year-over-year. The Company's adjusted EBITDA for fiscal 2019 was reported at $227.2 million, a significant miss from its November 2019 forecast of $270 million.

In the same press release, Groupon announced a “transformational plan to exit Goods” in North America by the third quarter and globally by the end of the year.

On this news, Groupon’s stock fell from a closing price of $3.05 per share on February 18, 2020 to $1.70 per share on February 19, 2020—a $1.35 or 44.26% drop.

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Groupon, Inc.

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Details

Filed on 05/01/2020

Ticker NASDAQ:GRPN

Lead Plaintiff Deadline 06/29/2020

Office

685 Third Avenue 26th Floor

10017 New York, New York

Phone (212) 983-9330

Fax (212) 983-9331

Counsel

Richard W. Gonnello rgonnello@faruqilaw.com Phone (212) 983-9330 Fax (212) 983-9331

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(877) 247-4292
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Atlanta, Georgia 30342
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Philadelphia, Pennsylvania 19103
(215) 277-5770
(215) 277-5771

Faruqi & Faruqi office in New York, New York

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