Groupon scales back IPO plans

Daily deals giant Groupon reportedly will scale down plans for its forthcoming IPO, settling on a valuation at less than $12 billion, The Wall Street Journal reports. Groupon initially filed to go public in June, seeking a valuation of $20 billion; however, the SEC has questioned the company's accounting practices, and last month, Groupon amended its offering filing to reduce its reported 2010 revenue from $713.4 million to $312.9 million. Article