More Trouble for Groupon IPO_Groupon Restates Revenue, COO Exits - WSJ

More Trouble for Groupon IPO_Groupon Restates Revenue, COO Exits - WSJ

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Unformatted text preview: See a sample reprint in PDF format. Order a reprint of this article now BUSINESS SEPTEMBER 24, 2011 Groupon's Restatement Read the Filing Scott Olson/Getty Images The Groupon logo is engraved in a glass office partition in the company's Chicago headquarters. By SHAYNDI RAICE What was expected to be one of the hottest stock offerings of the year fell into deeper turmoil Friday, as daily deals pioneer Groupon Inc. said it was cutting its reported revenue in half, and its No. 2 executive left the company. Regulators have been scrutinizing Groupon's accounting since it filed for an initial public offering that could value the Chicago company at $20 billion. On Friday, Groupon said it would change what it books as revenue after discussions with the Securities and Exchange Commission. It will now only count as revenue its commission on sales, rather than the total value of an online coupon. Previously, when it sold a restaurant gift certificate for $10, for instance, it would book the full amount, even though a portion went to the business owner.though a portion went to the business owner....
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More Trouble for Groupon IPO_Groupon Restates Revenue, COO Exits - WSJ

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