Surprise: Wildly unprofitable money pit Groupon canceled its investor roadshow and withdrew its IPO schedule, says the Wall Street Journal. Also, there's a new SEC inquiry into the company. But everything will be back on track just as soon as the tech bubble returns, honest!
Groupon executives got spooked by "recent stock market gyrations" and "market volatility in Europe," the Journal's source said, and have abandoned plans to price its shares this month. Oh, also, an SEC lawyer called Groupon to hammer its attorney with questions about the company maybe violating its quiet period two weeks ago with a spectacular memo leak. But that can't be a big deal because the Journal's source swears Groupon "isn't cancelling its initial public offering... but is reassessing the timing for an IPO on a week by week basis." That should give Groupon's mouthy CEO time to prove his case that the company is not, in fact, running out of money.