Groupon Downtrend Continues After Stock Breaks Below $8

Groupon GRPN is trading lower on the session after breaking below the $8 level yesterday for the first time since its IPO. The stock has been under heavy pressure in the past month resulting in nearly 25% loss in its market cap. Groupon's last quarterly earnings in May surprised investors positively, as the company reporter a profit of $0.02 per share. However, accounting concerns of material weakness in Groupon's financial statement have caused the shares to fall lower. Additionally, Groupon's chairman and co-founder Eric Lefkofsky announced earlier this month that he is planning to step back from hands-on involvement and focus more on his Lightbank venture capital firm. Groupon is currently trading at $7.88, a loss of $0.43 or 5.17%.