Submitted by Fox First at Ten on November 19th
NEW YORK (AP) - Shares of Groupon are up in after-hours trading after a hedge fund disclosed it bought a 9.9 stake in the online deals company.
Tiger Global said in a regulatory filing that it owns 65 million shares of the Chicago company, which faces slowing revenue growth and accounting investigations.
Groupon Inc. pioneered the online daily deals market, offering subscribers deep discounts on everything from spa sessions to restaurant meals to toe fungus treatments. To expand its business, Groupon has tried to establish itself as a local e-commerce company. It now sells electronic gadgets and other goods.
Shares of the company rallied with the broader markets and closed up 4.2 percent, then gained 5 percent more in extended trading to $3.26 per share. The company went public a year ago at $20.
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