INVESTOR ALERT: Kirby McInerney LLP Announces That a Class Action Lawsuit Has Been Filed Against Groupon, Inc.
May 01 2020 - 04:15PM
Business Wire
The law firm of Kirby McInerney LLP announces that a class
action lawsuit has been filed in the U.S. District Court for the
Northern District of Illinois on behalf of those who acquired
Groupon, Inc. (“Groupon” or the “Company”) (NASDAQ: GRPN)
securities during the period from November 4, 2019 through February
18, 2020. Investors have until June 29, 2020 to apply to the Court
to be appointed as lead plaintiff in the lawsuit.
The lawsuit alleges that Groupon failed to disclose that: (i)
the Company was experiencing fewer customer engagements in its
Goods category; (ii) Groupon relied on its Goods category to drive
its sales, especially during the holiday season; and (iii) as a
result of the foregoing, the Company was likely to experience
reduced sales.
On February 18, 2020, after the market closed, Groupon reported
sales of $612.3 million, a 23% decline year-over-year. 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 February 19, 2020, before the market opened, Groupon held a
conference call during which CEO Rich Williams stated that “Midway
through the fourth quarter, it became clear, however, that we were
seeing far fewer customers engaged with Goods, and it impacted
overall traffic to our site. The lower traffic ultimately impeded
performance in all of our categories.”
On this news, Groupon shares fell $1.35 per share, or 44.3%, to
close at $1.70 on February 19, 2020.
If you acquired Groupon securities, have information, or would
like to learn more about these claims, please contact Thomas W.
Elrod of Kirby McInerney LLP at 212-371-6600, by email at
investigations@kmllp.com, or by filling out this contact form, to
discuss your rights or interests with respect to these matters
without any cost to you.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm
concentrating in securities, antitrust, and whistleblower
litigation. The firm’s efforts on behalf of shareholders in
securities litigation have resulted in recoveries totaling billions
of dollars. Additional information about the firm can be found at
Kirby McInerney LLP’s website: www.kmllp.com.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
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version on businesswire.com: https://www.businesswire.com/news/home/20200501005502/en/
Kirby McInerney LLP Thomas W. Elrod, Esq. (212) 371-6600
investigations@kmllp.com www.kmllp.com
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