Multiple law firms announced Wednesday that they are looking to file a class-action lawsuit on behalf of Groupon Inc. (NASDAQ:GRPN) investors.
What Happened
Law offices of Howard G. Smith, Kaplan Fox & Kilsheimer LLP, and Gibbs Law Group all said that they are launching an investigation against the recent events related to Groupon on behalf of the company's investors.
Groupon shares plunged to an all-time low in Wednesday's trade as the e-commerce company disappointed in quarterly earnings.
It reported fourth-quarter earnings per share of 7 cents, missing analyst estimates of 15 cents by a whopping 53.33%.
Groupon also said that it would stop selling physical items on its platform, and shared a plan to relaunch its brand with a new market strategy.
Price Action
Groupon's shares closed 44.26% lower at $1.70, the lowest in its history of public trading. The shares inched further 0.6% lower at $1.69 in the after-hours.
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