Groupon stock closes at lowest level since IPO

Published April 3, 2012 10:09PM (EDT)

NEW YORK (AP) — Groupon's stock has closed at its lowest level ever amid growing scrutiny over its business just five months after it went public.

Shares of Groupon Inc. closed at $15.02 on Tuesday. That's the lowest since the company went public in November, when its initial public offering of stock priced at $20.

The Chicago-based company is also facing a shareholder lawsuit and a possible review by federal regulators. It revised its fourth-quarter earnings on Friday, lowering its reported revenue and widening its losses. Groupon said it hadn't set enough money aside for refunds.

The Wall Street Journal reported earlier that the Securities and Exchange Commission is examining the revision. That's a common practice for any company that issues a restatement.

Groupon had no comment on the reported SEC review.

By Salon Staff

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