So it turns out that Web 2.0 investing isn't all exits and lollipops and blazers with hoodies underneath...
Things get serious whenever you're talking billions instead of a few million between friends. I admire Groupon founder and CEO Andrew Mason for trying to keep things the way they were. But that's not how it works when you're a public company with hundreds of thousands of shareholders - the frat boy-wonder schtick just isn't cute anymore.
Groupon’s headaches are growing more serious. Just days after an accounting snafu forced the discount website to reveal a greater-than-reported fourth-quarter loss, the company was slapped with a shareholder lawsuit accusing its top executives of a “fraudulent scheme” that “deceived the investing public” about the company’s prospects and business. As if that wasn’t enough, Groupon’s stock hit an all-time low Wednesday and it faces a probe by the Securities and Exchange Commission.