Securities class action litigation has been filed on behalf of investors who purchased the Class A common stock of Coupang, Inc. (“Coupang” or the “Company”) (NYSE: CPNG) issued in connection with its March 2021 Initial Public Offering (“IPO”).
If you purchased Coupang Class A common stock issued in connection with the IPO, you may move the Court for appointment as lead plaintiff by no later than October 25, 2022. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. Your share of any recovery in the actions will not be affected by your decision of whether to seek appointment as lead plaintiff. You may retain Lieff Cabraser, or other attorneys, as your counsel in the action.
Coupang investors who wish to learn more about the litigation and how to seek appointment as lead plaintiff should complete the form below, email email@example.com, or call or text Sharon M. Lee of Lieff Cabraser at 1-800-541-7358.
Coupang, headquartered in Seoul, South Korea, is one of the largest e-commerce companies in Asia, offering a wide range of products and services throughout the South Korean retail market.
The action alleges that the Registration Statement issued in connection with the IPO misrepresented and failed to disclose that: (1) Coupang engaged in anti-competitive practices with suppliers and other third parties in violation of applicable regulations; (2) the Company improperly manipulated search algorithms and product reviews on its platform to prioritize its own private-label branded products; (3) Coupang sold products at higher prices to members of its customer loyalty program Rocket WOW than to non-members; and (4) Coupang exposed its workforce to unsafe and unhealthy working conditions.
On April 27, 2021, United Press International reported Coupang’s systemic, unsafe working conditions for its delivery drivers and employees at its fulfillment centers.
On June 17, 2021, a fire started at one of the company’s fulfillment centers and a firefighter died.
On September 10, 2021, the Korean Fair Trade Commission (“KFTC”) announced that Coupang was engaged in and would be regulated for search algorithm manipulation that prioritized its own products over third-party sellers.
On March 22, 2022, Korea JoonAng Daily reported that the KFTC had started an investigation into whether Coupang had manipulated reviews of its private-label branded products offered through its subsidiary to make the reviews appear more favorable.
On July 13, 2022, The Korea Times reported that KFTC was also investigating Coupang for misrepresenting the membership perks of its Rocket WOW customer loyalty program. On this news, the price of Coupang Class A common stock closed at $14.25 per share on July 14, 2022, nearly 60% below its IPO price of $35 per share.
About Lieff Cabraser
Lieff Cabraser Heimann & Bernstein, LLP, with offices in San Francisco, New York, Nashville, and Munich, is an internationally-recognized law firm committed to advancing the rights of investors and promoting corporate responsibility. Recognized as a “Plaintiffs’ Powerhouse” by Law360, Lieff Cabraser has litigated some of the most important civil cases in the United States, and has assisted clients in recovering over $127 billion in verdicts and settlements. Law360 has selected Lieff Cabraser as one of the Top 50 law firms nationwide for litigation, highlighting our firm’s “laser focus” and noting that our firm routinely finds itself “facing off against some of the largest and strongest defense law firms in the world.” In 2021, The American Lawyer named our firm its “Boutique Litigation Firm of the Year.” Benchmark Litigation has named Lieff Cabraser one of the “Top 10 Plaintiffs’ Firms in America,” and listed us as its “2020 California Plaintiff Firm of the Year.” Lieff Cabraser is committed to ensuring access to justice for all.