The Wall Street Journal reports that the Securities and Exchange Commission has launched a preliminary probe into Groupon, the rapidly successful cyber-coupon network.
In particular, WSJ reports that feds are examining Groupon's "revisions" of its first set of financial results when it went public. According to the report, Groupon twice revised its finances before its November public offering.
In August 2011, Willamette Week published an in-depth investigation into Groupon, titled "Cheat Local." In it, WW detailed how the Portland-born Groupon has summarily "crushed" local businesses.
"Nearly half the businesses using daily deals report they made no money," reported WW's Corey Pein. "Customers often get their discounts and run to the next deal, without creating the loyal relationship that Groupon says can follow."