What makes you say there's a "crazy IPO market?" I can only name four high-profile tech IPOs so far this year (P, LNKD, FIO, Z) - it seems that most high-profile tech companies are content to continue closing massive rounds instead of going public (probably because a lot of them need to generate better figures to avoid pulling a Groupon, but that's speculation on my part).

And it's precisely because the SEC read the fine print that Groupon continues to have issues surrounding its IPO. It's their job to read the fine print.