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Groupon Loses COO, Drastically Cuts Reported Revenue 131

itwbennett writes "Groupon COO Margo Georgiadis has quit after just 5 months on the job and is returning to Google to be the company's president for the Americas. Groupon's founder, Andrew Mason, wrote in a blog post that the company has undergone a reorganization with Georgiadis' departure, and now sales, channels, international and marketing will report directly to him. In other bad Groupon news, the company revealed in an SEC filing Friday that it was reporting revenue before it paid fees to merchants using Groupon. 'The effect of the correction resulted in a reduction of previously reported revenues and corresponding reductions in cost of revenue in those periods,' according to the filing."

Groupon Puts IPO On Hold 129

With his first accepted submission, quantr tips news that Groupon's IPO plans, which triggered skepticism about its high valuation and furthered claims of a new dot-com bubble, have been put on hold amid regulatory concerns and worries about "market volatility." According to the WSJ, "When the company filed to go public in early June, it attracted criticism for its high marketing costs and unprofitable business. The company was also asked by the Securities and Exchange Commission to remove an unusual accounting metric, dubbed Adjusted Consolidated Segment Operating Income, which painted a more robust picture of its performance. Last week, the SEC also contacted a Groupon attorney over a different matter, said a person familiar with the situation: a leaked internal memo from Groupon Chief Executive Andrew Mason to his staff, in which he touted the company and blasted its critics. Making public statements about the financial status of a company during an IPO process is prohibited by SEC rules."

I have a theory that it's impossible to prove anything, but I can't prove it.