Reuters: Global Markets: Groupon shares fall 12 percent after restatement

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Groupon shares fall 12 percent after restatement Apr 2nd 2012, 14:04 Mon Apr 2, 2012 10:04am EDT (Reuters) - Shares in Groupon Inc (GRPN.O) fell by more than 12 percent in early trading on Monday after it unnerved investors by restating its previously fourth-quarter revenue and increased its net loss. Groupon announced the restatement on Friday after markets closed. The company, a leader in the Internet daily-deals space with rivals like Amazon.com Inc (AMZN.O) and LivingSocial, has been criticized on Wall Street for its unorthodox financial reporting. As a private company, Groupon was one of the fastest-growing businesses in history and in November pulled off one of the largest Internet IPOs of the past decade, valuing the company at well over $10 billion. However, it was criticized by some analysts and investors for aggressive accounting in the run-up to the IPO. Groupon changed the way it reported results under pressure from regulators. Shares fell by $2.15 to $16.23 in early trading on the Nasdaq.

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