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CPNG.US
id: 219
S.D. New York
Court
On July 13, 2022, The Korea Times published an article reporting that Coupang was under investigation for falsely advertising the membership benefits of its Rocket WOW membership services. This was just one of the latest facts that give rise to suspicions 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.
Alleged Offence
Mismanagement
Misleading Statements
Financial Misrepresentation
Failure to Disclose
Malpractice
Negligence
Breach of Fiduciary duty
Omissions
Suspected Party
Directors
Management
Service Provider
Security Type
Stocks
Trade Direction
Long
Shock Event Date
13 July 2022
Collecting participants…

Coupang LLC

Coupang, Inc., together with its subsidiaries owns and operates in e-commerce business through its mobile applications and Internet websites primarily in South Korea. The company operates through t...

    Ticker
    CPNG.US
    ISIN
    US22266T1097
    CIK
    1834584
    Sector
    Consumer Cyclical
    Industry
    Internet Retail
    Country
    USA
    Address
    720 Olive Way, Seattle, WA, United States, 98101