Reuters) - Groupon Inc (GRPN.O), which runs the world's largest online coupon website, was sued on Tuesday by a shareholder who accused the company of misleading investors about its financial prospects and concealing weak internal controls.
Just four days ago, Groupon unexpectedly revised its results for the fourth quarter, its first as a public company to a bigger net loss and said it had a "material weakness" in its internal controls, having failed to set aside enough money for customer refunds.
According to a complaint filed in federal court in Groupon's hometown of Chicago, the company overstated revenue, issued materially false and misleading financial results, and concealed how its business was not growing as fast and was not nearly as resistant to competition as it had suggested.
Julie Mossler, a Groupon spokeswoman, declined to comment. The company has said it does not discuss pendi
http://finance.yahoo.com/news/groupon-sued-investor-over-revised-025533628.html?l=1
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