Often after stocks have fallen, management changes do produce short-term bumps, but the increases later trail off, Kessler said.
"So that often happens, but, longer term, fundamentals obviously determine the stock price," he added.
Groupon's share price has slid about 80 percent amid investor concerns about the high churn rate of merchants and cooling consumer appetite for the deals.
"That's been one of our concerns," he said. "We've done survey work, and it's shown about 50 percent of merchants said they would not do another Groupon or a daily deal. So I think the way the current deal terms are structured doesn't generate a very strong ROI (return on investment) for merchants today."
—By CNBC.com's Katie Little; Follow Her on Twitter @katie_little
Additional News: Groupon CEO Andrew Mason Speaks Out
Additional Views: Daily Deal — Groupon?
CNBC Data Pages:
Aaron Kessler does not own shares of Groupon.