Breaking Finance News

BREAKING- Groupon Just Spiked Lower (GRPN)

UPDATE: According to a Benzinga wire entry, Groupon responded to them saying, “[The SEC] sent us a letter after reviewing our 10K, we responded to their comments, and they’ve since let us know that their review is complete.”

Shares of Groupon (NASDAQ: GRPN) spiked lower around 11:06 EDT. Benzinga is reporting that a letter dated May 31 from the SEC is indicating that the company’s accounting practices are under review.

Company Profile:

Groupon, Inc. operates as a local commerce marketplace that connects merchants to consumers by offering goods and services at a discount in North America and internationally. The company also offers deals on products for which it acts as the merchant of record. It offers deals in various categories, including food and drink, events and activities, beauty and spa, fitness, health, home and auto, shopping, and education. The company emails its subscribers discounted offers on goods, services, and travel targeted by location, purchase history, and personal preferences. It also enables its customers to access its deals directly through its Website and mobile applications. The company was formerly known as ThePoint.com, Inc. and changed its name to Groupon, Inc. in October 2008. Groupon, Inc. was founded in 2008 and is headquartered in Chicago, Illinois.

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Disclosure: At the time of this writing, the author had no position in the company mentioned.

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