Robbins Arroyo LLP: Coupons.com Misled Shareholders According to a Recently Filed Class Action
Robbins Arroyo LLP announces that investors of Coupons.com (NYSE: COUP) have filed federal securities fraud class action complaints in the Superior Court of the State of California, County of San Francisco and County of Santa Clara. The complaints allege that the company and certain of its officers and directors violated the Securities Exchange Act of 1933 in connection with the company’s March 7, 2014 initial public stock offering. Coupons.com provides coupons, including online printable, social, mobile, and loyalty card promotions in the United States.
Coupons.com Misrepresents Its Business Practices
Since the company’s March 7, 2014 IPO, Coupons.com stock has dropped from a high of $30.17 to as low as $9.49 per share on March 3, 2015. According to the complaints, the stark decline in Coupons.com stock is a direct result of the company’s failure to disclose certain known facts regarding the financial condition of the company at the time of the IPO, including that the significant increase in revenues that Coupons.com reported in the fourth quarter 2013 was primarily the result of holiday coupon campaigns. Specifically, the registration statement positively portrayed the company’s growth, showing a 32.5% increase in revenues between the third and fourth quarters of 2013 and attributing this to an increase in the number of transactions. However, as per the rules and regulations governing the preparation of the registration statement, Coupons.com was required to disclose the disproportionate impact of the 2013 holiday campaigns on its financial results. The public became aware of the undisclosed financial woes of the company following Coupons.com February 9, 2015 announcement of its fourth quarter and fiscal year 2014 financial results, which fell short of analysts’ expectations.
Coupons.com Shareholders Have Legal Options
Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Darnell R. Donahue at (800) 350-6003, or you can complete the form below and we will contact you directly.