Groupon restatement sparks more worries

"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 This material may not be published, broadcast, rewritten or redistributed.

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