Kuznicki Law PLLC notifies investors that a class action has commenced in the United States District Court for the Northern District of Illinois on behalf of shareholders of Groupon, Inc. who purchased shares between November 4, 2019 and February 18, 2020.
Groupon and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On February 18, 2020, the Company disclosed disappointing financial results including a 23% decline in sales year-over-year, at $612.3 million, adjusted EBITDA for fiscal 2019 of $227.2 million, well below its November 2019 forecast of $270 million, and a “transformational plan to exit Goods” in North America by the third quarter and globally by year-end.
On this news, the price of Groupon’s shares plummeted $1.35/share, or over 44%, to close at $1.70/share on February 19, 2020, on unusually heavy trading volume.
If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the respective securities during the class periods. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action. Appointment as Lead Plaintiff is not required to partake in any recovery.
Shareholders have until June 29, 2020 to request that the court appoint them lead plaintiff.