IP Commerce Inc., a startup backed by Venrock Inc. and Intel Corp.’s venture-capital arm, is shutting its key business, which handles credit-card processing for companies including Groupon Inc., citing competition.
Groupon Inc.’s decision to fire Andrew Mason puts pressure on Chairman Eric Lefkofsky to find a replacement who can create a money-making business after the daily-deal provider lost $723.8 million in the past three years.
Groupon Inc. slumped the most since November after forecasting sales that missed estimates, underscoring the challenge facing Andrew Mason, whose board has already considered replacing him as chief executive officer.
Groupon Inc.’s board plans to find someone from outside the company to replace Andrew Mason, who was ousted as chief executive officer of the daily deals website last week, two people with knowledge of the matter said.
Here’s an unsettling fact for anyone thinking of ever buying shares in a newly public company: Even if its executives know their internal accounting systems are a wreck, they aren’t required to disclose this until after the company goes public.
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 online coupons, has no immediate plans to replace Chief Executive Officer Andrew Mason after its board met to deliberate whether to make changes to senior management.
Some Groupon Inc. directors plan to discuss a possible leadership change amid concern that Chief Executive Officer Andrew Mason is mishandling the company’s turnaround, a person familiar with the matter said.