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CPNG.US
id: 218
S.D. New York
CourtThere are grounds to suspect that the Company disclosed information in bad faith as part of the initial offering in March 2021, including:
- "Coupang was engaged in improper anti-competitive practices with its suppliers and other third parties in violation of applicable regulations,
- the Company had improperly adjusted search algorithms and manipulated product reviews on its marketplace platform to prioritize its private-label branded products;
- Coupang was selling products to non-member customers at lower prices than those offered to its Rocket WOW members;
- that Coupang subjected its workforce to extreme, unsafe, and unhealthy working conditions;
- all illicit practices exposed the Company to a heightened, but undisclosed, risk of reputational and regulatory scrutiny that would harm the Company’s critical relationships with consumers, merchants, suppliers, and the workforce;
- Coupang’s lower prices, historical revenues, competitive advantages, and growing market share were the result of systemic, improper, unethical, and/or illegal practices, and, thus, unsustainable.
As a result, Company's stock price dropped more than 50% from the moment of IPO, seriously damaging investors.
Case Status
Attorney Investigation
Alleged Offence
Misleading Statements,
Financial Misrepresentation,
Failure to Disclose,
Malpractice,
Negligence,
Breach of Fiduciary duty,
Omissions
Suspected Party
Directors,
Management,
Investment Bank,
Service Provider
Security Type
Stocks
Trade Direction
Long
Shock Event Date
03/11/2021