Earlier this afternoon the Wall Street Journal reported that Groupon, the fast-growing daily deals company whose business model WW picked apart in a cover story last summer, is under investigation by federal financial regulators. Here's the news:
The Securities and Exchange Commission is examining Groupon Inc.'s revision of its first set of financial results as a public company, according to a person familiar with the situation.
The regulator's probe into the popular online coupon company is at a preliminary stage and the SEC has not yet decided whether to launch a formal investigation into the matter, the person said.
Rocky Agrawal, a tech analyst and former Portlander who was one of the first online writers to criticize Groupon, and who was quoted in the WW story, also recently published an explanatory article about the reasons Groupon recently restated its fourth-quarter earnings.
The article's title: "Why Groupon is poised for collapse."