Shares in the original "daily deals" company this morning continue to be like a traffic accident you can't look away from. Groupon's share price is down 23 percent so far today and about 70 percent from its IPO price back in November.
The daily deals website Groupon is being sued by a shareholder who says the company misled investors about its finances. Last week Groupon revised its fourth quarter earnings saying it failed to set aside enough money for customer refunds.
Groupon is on the ropes. The online coupon giant lost money in the forth quarter (tho its growth is pretty amazing–revenue grew 419% last year to 1.6 billion) It’s also come under criticism for offering completely irrelevant deals to customers (much as I would love to take a “pumping iron” class at the local gym…). […]