WASHINGTON — The Securities and Exchange Commission is examining Groupon’s revision of its first set of financial results as a public company, according to a person familiar with the situation.
The regulator’s probe into the popular online-coupon company is at a preliminary stage, and the SEC hasn’t decided whether to launch a formal investigation, the person said.
The SEC’s decision to examine the circumstances surrounding the surprise revision of Groupon’s fourth-quarter results comes amid discussions over a new law designed to make it easier for companies to raise capital.
On Friday, Groupon said it had revised its results for the three months from Oct. 1 to Dec. 31, after discovering executives had failed to set aside enough money for customer refunds. The company had reported a loss of $37 million for its fourth quarter. The accounting changes reduced the company’s revenue for the quarter by $14.3 million and widened its loss by $22.6 million, or 4 cents a share.
Groupon executives and its board are standing behind chief financial officer Jason Child, according to people familiar with the matter. People familiar with the situation said Child continues to have the support of Groupon chief executive Andrew Mason and others at the company.
