SEC Hit Groupon

The hole into which Groupon (NASDAQ: GRPN) has fallen has gotten even deeper. The Wall Street Journal reports that the Securities and Exchange Commission has begun to examine the firm’s first quarterly report as a public company. Groupon has since revised some of the figures from that report, and it admitted its account had a “material weakness.” This caused enough concern to push shares near an all-time low. Some analysts question whether Groupon’s business model is viable long term. The more closely watched problem will be whether Groupon makes further changes to its earnings. The Groupon board says it stands behind management. That may not last if the humiliating string of missteps continues.

Let’s see if the Groupon CEO and CFO keep their jobs