Groupon tanks as lockup for insiders ends

Groupon's first six months on the stock market have been nightmarish -- and the drama continued on Friday, the first day that some company insiders were allowed to dump their shares.

Groupon's (GRPN) stock fell as much as 10% Friday morning to a new low of below $10 per share. Shares are down nearly 20% this week alone.

Groupon made its debut on the Nasdaq on November 4. Like many initial public offerings, the deal included a typical 180-day "lockup" agreement for insiders. That provision prevented certain early investors from unloading their Groupon shares until the end of the six-month period, which expired Friday.

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- Posted: 2012-06-01 11:40:33

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