Groupon will add two new board directors and are likely to be "chief financial officers at public companies," according to a Rueters report. Also, Groupon says it has identified "a material weakness in controls over its financial statements."
Andrew Mason's company would not provide any other further specifics, but it's starting to look plausible that Groupon will come roaring out of the gates in its next financial quarter. We've been seeing less and less hubris out of the organization, so maybe it's possible it can make a go things after all.
But with Groupon stock still down about about 40 percent from its initial price of $20, will these efforts be enough? If it stops "juking the stats," as they say in The Wire, maybe so. Forbes has a pretty great look at some of Ernst & Young's most embarrassing accounting boners -- it's a good reminder of the sorta stuff Groupon shouldn't be doing anymore.
Groupon's stock, as of press time, is at $11.98.
David Wolinsky is a freelance writer and a lifelong Chicagoan. In addition to currently serving as an interviewer-writer for Adult Swim, he's also a columnist for EGM. He was the Chicago city editor for The Onion A.V. Club where he provided in-depth daily coverage of this city's bustling arts/entertainment scene for half a decade. When not playing video games for work he's thinking of dashing out to Chicago Diner, Pizano's, or Yummy Yummy. His first career aspirations were to be a game-show host.