Less than five months after its initial public offering, Groupon stock is trading for less than half of what it once was. The company’s shares fell another 3.2%, or 48 cents, and closed at $14.54 a piece. At its highest point, Groupon shares were going for $31.14, soon after going public in early November.
While the stock just hit new lows, similar prices were seen toward the end of last November as well. Groupon just revised its Q4 results Friday with higher than anticipated return rates from the holiday season, and its stock has yet to recover. It was also announced yesterday that multiple class-action lawsuits have been filed against the Chicago-based company concerning the stock price losses, though there is no lead plaintiff to represent those who’d suffered financial losses after the company’s IPO. The claimants assert that particular Groupon officers issued misleading statements concerning the company’s financial results.
With its announcement on Friday, Groupon reasserted its guidance for the first quarter and still expects revenue of up to $550 million and net income from operations of up to $35 million. As a part of its press release, Groupon stated it will post its Q1 results on May 14:
Groupon to Webcast First Quarter Financial Results Conference Call on May 14, 2012
The Company also announced today that it intends to hold a conference call to discuss its first quarter 2012 financial results on Monday, May 14th, 2012, at 5:00 p.m. EDT. The webcast can be accessed live at http://investor.groupon.com.