Tip:
Highlight text to annotate it
X
Groupon will restate its earnings for the last quarter after a warning from Ernst & Young
about the company’s lackluster accounting practices. Financial statements from the web
company reveal that the firm has not followed general accounting practices in revealing
its losses. In particular, questions remain over the company’s massive losses before
going public and its use of revenue from share sales. Specifically, some are concerned that
the company has used proceeds from sales of stock to reimburse private investors and not
for the general operation of the business.
For the complete article, please go to Big4.com