Groupon, until recently, was the daily-deals darling.
But according to The Wall Street Journal, the Chicago-based company is slashing its reported revenues by half--from $713.4 million in 2010 down to $312.9 million--in accordance with accounting revisions prompted by the SEC. What's more, after only five months on the job, Groupon's second COO of the year has quit.
Groupon was recently compelled to change its accounting practices after discussions with the Securities and Exchange Commission (SEC). Valued at $20 billion, Groupon was on track to move forward with a $750 million IPO, but in June it was … Read more