SAN FRANCISCO, CA / ACCESSWIRE / September 22, 2022 / National plaintiffs law firm Lieff Cabraser Heimann & Bernstein, LLP announces that 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"). Contact a Lieff Cabraser attorney immediately for more details about the action. The last day to apply to be a lead plaintiff is October 25, 2022.
Class Period: Investors in March 2021 IPO
Lead Plaintiff Motion Deadline: October 25, 2022
For more information: https://www.lieffcabraser.com/securities/Coupang
Contact Lieff Cabraser: Email [email protected], or call or text 1-800-541-7358
Background on the Coupang Securities Class Litigation
Coupang, headquartered in Seoul, South Korea, is one of the largest e-commerce companies in Asia.
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 over 120 attorneys in offices in San Francisco, New York, Nashville and Munich, Germany, 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 $124 billion in verdicts and settlements. Lieff Cabraser is committed to ensuring access to justice for all.
SOURCE: Lieff Cabraser Heimann & Bernstein