Our material weakness to

from Andrew Mason – Groupon Farewell Memo on Rap Genius

Meaning

A material weakness is an opinion issued by a company’s auditor in conjunction with a quarterly or annual filing that discloses a weakness in a company’s financial controls that could lead to an accounting misstatement due incomplete or inaccurate reporting. There are many reasons that auditors will cite for a material weakness.

While these are not completely uncommon for young companies, it is a huge black eye to have a material weakness first reported after an IPO, vs. having a material weakness within the two years prior to an initial IPO filing

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