All my friends in finance, including those in auditing for a Big 4, spotted this when the S-1 first came out. It was obvious to them that this was completely w

All my friends in finance, including those in auditing for a Big 4, spotted this when the S-1 first came out. It was obvious to them that this was completely wrong. So it indeed does beg the question, who is in charge? What were they thinking when they tried to get away with putting this in their S-1? Were they really that inept in revenue recognition, or were they trying to pull a fast one on their potential investors? If anything, it really hits against the credibility of the executives. As has been mentioned many times, the fact that they sold shares for 900MM and then cashed out their initial investors when Groupon was bleeding money speaks volumes about the character of those in charge. I wouldn't invest a single penny in this company.