Groupon has filed new S-1 from for its IPO where it is looking to raise at least $750 million. What’s changed from the last one filed on June 2nd?
Well according to Bloomberg’s Emily Chang, the daily deals site has added new underwriters Williams, RBC, Loop, Citadel, JPMorgan, Allen & Co, BofA, Citi, Barclays and Deutsche in addition to previous underwriters Goldman Sachs, Morgan Stanley and Credit Suisse.
As first reported by the Chicago Tribune, the filing also interestingly enough asks investors to ignore co-founder Eric Lefkosky’s remarks that Groupon was “wildly profitable.”
From the S-1:
You should not rely on a reported statement in a June 2011 news report by our co-founder and Executive Chairman in making your investment decision. You should rely only on statements made in this prospectus in determining whether to purchase our shares.
In a June 5, 2011 news story reported on Bloomberg.com, our co-founder and Executive Chairman was reported to have stated in a June 3, 2011 interview that “Groupon was going to be wildly profitable.” The story and reported statement has been reprinted in various news media outlets. Mr. Lefkofsky did not agree to be interviewed for the news story and, through representatives, requested that the statement not be published. The reported statement does not accurately or completely reflect Mr. Lefkofsky’s views and should not be considered by prospective investors in isolation or at all. Prospective investors are cautioned to consider the risks and uncertainties disclosed in this Risk Factors section and elsewhere in the prospectus.
Business Insider has also discovered that Groupon has included some wording that emphasizes their losses, for example, “We had net income of $21,000 for the second quarter of 2009 as compared to a net loss of $102.7 million for the first quarter of 2011.”
Seems like media pressure and fear of regulators has gotten to someone over at Groupon HQ.
Original Article by: Alexia Tsotsis
Shane Barker is a digital marketing consultant who specializes in sales funnels, targeted traffic, and website conversions. He has consulted with Fortune 500 companies, influencers with digital products, and a number of A-List celebrities.