Groupon exec Lefkofsky's pre-IPO remarks may lead to doc refilling /
June 07, 2011
(Crain's) — Groupon Inc. may need to refile documents for its initial public offering after a top executive commented on the Chicago firm during its pre-IPO quiet period, according to reports.
Chairman Eric Lefkofsky remarked last week that the online daily deal site would be "wildly profitable," according to Bloomberg News.
Federal law limits what a company can say after it files IPO documents with the Securities and Exchange Commission. Groupon's public offering date has not yet been set.
Mr. Lefkofsky is a Groupon co-founder and executive chairman. He made the comment Friday, one day after the company announced its IPO plans.
Groupon may have to file new documents disclosing and addressing Mr. Lefkofsky’s comments, Noah Hagey, a principal at Berkeley, Calif., law firm BraunHagey LLP, told Bloomberg.
Spokespeople for Groupon and the SEC declined to comment.
In a memo Thursday, Groupon CEO Andrew Mason asked employees to remain silent: "For the next 90 days or so, we are in a ‘quiet period’ where we can’t make any forward-looking statements about the company. . . .Anything we say now can be perceived as ‘fluffing the stock’ or something like that. So please don’t say anything like ‘Groupon is awesome’ around anyone you don’t fully trust.” Bloomberg News obtained a copy of the memo.
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