It really makes you wonder -- with all those big banks that underwrote the IPO and that must have combed through Groupon's books for months before creating the prospectus, tasking dozens of auditors and accountants of indisputable repute with vetting the books.. and they still missed something? And not a small something it would appear...
a regulatory filing Friday that it had discovered "material weakness" in internal controls over its financial statement and that its fourth-quarter results were worse than previously stated because of higher refunds to merchants. The revisions increased its net loss for the fourth quarter by $22.6 million and reduced revenue for the quarter by $14.3 million
An SEC review of Groupon's accounting procedures forced the daily deals provider to revise its IPO filing papers last year after the company reported that it generated $713.4 million in revenue in 2010, while the SEC said that the figure should be $312.9 million
That, my friends, is a $400 million mistake! How much was JBI's mistake again?
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