LOS ANGELES–(BUSINESS WIRE)–Glancy Prongay & Murray LLP (“GPM”), a leading national shareholder rights law firm, today announced that it has commenced an investigation on behalf of Coupang, Inc. (“Coupang” or the “Company”) (NYSE: CPNG) investors concerning the Company’s possible violations of the federal securities laws.
If you suffered a loss on your Coupang investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at www.glancylaw.com/cases/coupang-inc/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at [email protected] to learn more about your rights.
In March 2021, Coupang conducted its initial public offering (“IPO”), selling 100 million shares of Class A common stock at $35 per share.
On April 27, 2021, United Press International reported on unsafe working conditions for Coupang’s delivery drivers and employees at Coupang’s fulfillment centers, stating that nine Coupang workers had died over the past year due to an inhumane working environment. The report also alleged that the Company had sued journalists who had written about the Company’s worker deaths.
Then, on June 17, 2021, a fire broke out in Coupang’s Logistic Fulfillment Center in Seoul, killing a firefighter who became trapped in the building. Protestors claimed that the fire resulted from Coupang’s inhumane working conditions. The fire cost Coupang approximately $296 million in lost inventory, property, equipment, and other costs.
Then, on September 20, 2021, a representative from the Korean Fair Trade Commission (“KFTC”) announced that Coupang was participating in, and would be regulated for, search algorithm manipulation that had improperly prioritized its own products over those of third-party sellers.
Then, on March 22, 2022, Korea JoonAng Daily reported that the KFTC had opened another investigation into Coupang regarding claims that the Company had manipulated product reviews for its private-label branded products to make them appear more positive.
Then, on July 13, 2022, The Korea Times published an article reporting that Coupang was also under investigation for falsely advertising the membership benefits of its Rocket WOW membership services.
On July 14, 2022, Coupang Class A common stock closed at $14.25 per share – 59.3% below the IPO price.
Whistleblower Notice: Persons with non-public information regarding Coupang should consider their options to aid the investigation or take advantage of the SEC Whistleblower Program. Under the program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Charles H. Linehan at 310-201-9150 or 888-773-9224 or email [email protected].
Glancy Prongay & Murray LLP is a premier law firm representing investors and consumers in securities litigation and other complex class action litigation. ISS Securities Class Action Services has consistently ranked GPM in its annual SCAS Top 50 Report. In 2018, GPM was ranked a top five law firm in number of securities class action settlements, and a top six law firm for total dollar size of settlements. With four offices across the country, GPM’s nearly 40 attorneys have won groundbreaking rulings and recovered billions of dollars for investors and consumers in securities, antitrust, consumer, and employment class actions. GPM’s lawyers have handled cases covering a wide spectrum of corporate misconduct including cases involving financial restatements, internal control weaknesses, earnings management, fraudulent earnings guidance and forward looking statements, auditor misconduct, insider trading, violations of FDA regulations, actions resulting in FDA and DOJ investigations, and many other forms of corporate misconduct. GPM’s attorneys have worked on securities cases relating to nearly all industries and sectors in the financial markets, including, energy, consumer discretionary, consumer staples, real estate and REITs, financial, insurance, information technology, health care, biotech, cryptocurrency, medical devices, and many more. GPM’s past successes have been widely covered by leading news and industry publications such as The Wall Street Journal, The Financial Times, Bloomberg Businessweek, Reuters, the Associated Press, Barron’s, Investor’s Business Daily, Forbes, and Money.
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