Groupon Inc.’s latest restatement, following accounting missteps last year, heightens concern about the reliability of the company’s financial reporting and raises questions whether auditors gave enough oversight to the coupon provider’s novel business model.
Groupon Inc., the largest provider of daily deals online, reported a “material weakness” in its financial controls and said fourth-quarter results were worse than previously stated because of higher refunds to merchants.
The Obama administration today will defend a requirement that Americans obtain insurance or pay a penalty -- the core of the president’s health care overhaul --in a Supreme Court case central to the Republican campaign to take over the White House.
After several drinks at a Greek restaurant on Manhattan’s Third Avenue in the summer of 2006, two computer programmers at Bernard Madoff’s investment firm asked their supervisor whether the boss’s business was a scam, Bloomberg News’ David Glovin and Bob Van Voris report.
A lawsuit accusing Ernst & Young LLP of facilitating a “major accounting fraud” by helping Lehman Brothers Holdings Inc. deceive the public about its financial condition was sent back to New York state court.
Ernst & Young LLP, bankrupt Lehman Brothers Holdings Inc.’s former auditor, should “disgorge” $125 million in fees earned in an alleged fraud involving so- called Repo 105 transactions that concealed tens of billions of dollars in debt, the New York attorney general said.