Groupon Inc. GRPN +3.84% said it was revising lower the financial results it reported for its fourth quarter, after discovering the company had to set aside more money for customer refunds. The online-coupon site, which went public in November, said its auditor, Ernst & Young, discovered a "material weakness in its internal controls" for the fiscal year. The accounting changes will reduce the Chicago company's revenue for the period by $14.3 million and reduce net income by $22.6 million, or 4 cents a share.
Of course the company is spinning this in their press release, reminding everyone that their operating cash flow hasn't changed, and CFO Jason Child is, obviously, still a fan, saying, "We remain confident in the fundamentals of our business, as our performance continues to highlight the value that we provide to customers and merchants.”
It's cool, Jason. These things happen. Just don't get defensive about it.
Does anyone still care about the EY split? Did anyone ever? Well, here’s your semi-weekly update anyway. Wall Street Journal reports that EY Global CEO Carmine Di Sibio and EY US Chair Julie Boland will be going head-to-head in Palo Alto this week to hash things out. As you may remember, Boland dared to raise […]
While it appears the EY split is going off the rails, despite assurances to the contrary from people who stand to make many millions of dollars from it, one former client — or rather, the client’s administrators as the client burned to the ground three years ago — is not satisfied with letting the drama […]
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