"Instead we believe they reflect Groupon's dynamic deal mix and the company's extremely rapid growth in a very short amount of time," he said.
Scott Devitt of Morgan Stanley, the main underwriter for Groupon's IPO, called the announcement a "mild hiccup in Groupon's compelling long-term story."
The Chicago-based company's stock fell $3.11, or 16.9 percent, to close Monday at $15.28. The stock price is 24 percent below its IPO pricing of $20 and has traded from $14.85 to $31.14.
Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.