SAN FRANCISCO, CA / ACCESSWIRE / September 26, 2022 / Hagens Berman urges Coupang, Inc. (NYSE:CPNG) investors who purchased shares pursuant to the company's March 2021 initial public offering and suffered significant losses to submit your losses now.
Relevant Period: Mar. 8, 2021 - Aug. 26, 2022
Lead Plaintiff Deadline: Oct. 25, 2022
Contact An Attorney Now: [email protected]
Coupang, Inc. (NYSE: CPNG) Securities Class Action:
The class action is brought on behalf investors in Coupang's March 2021 initial public offering ("IPO"), through which the company raised gross proceeds of $3.5 billion.
The complaint alleges Defendants failed to disclose in the IPO offering documents that: (a) Coupang was engaged in improper anti-competitive practices with its suppliers and other third parties in violation of applicable regulations; (b) Coupang had improperly adjusted search algorithms and manipulated product reviews on its marketplace platform to prioritize its own private-label branded products over those of other sellers and merchants, to the detriment of consumers, merchants, and suppliers; (c) unbeknownst to its Rocket WOW loyalty program members, Coupang was selling products to non-member customers at lower prices; and, (d) Coupang's historical revenues, competitive advantages, and growing market share were the result of systemic, improper, unethical, and/or illegal practices.
By July 14, 2022, after The Korea Times reported that Korea regulators were investigating Coupang for falsely advertising membership benefits of its Rocket WOW loyalty program, shares of Coupang closed at $14.25, or almost 60% below the IPO price.
"We're focused on investors' losses and proving Coupang's true source of growth was its anti-competitive conduct," said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you invested in Coupang and have significant losses, or have knowledge that may assist the firm's investigation, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding Coupang should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new 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 Reed Kathrein at 844-916-0895 or email [email protected].
About Hagens Berman
Hagens Berman is a global plaintiffs' rights complex litigation law firm focusing on corporate accountability through class-action law. The firm is home to a robust securities litigation practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and fraud. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw.
Reed Kathrein, 844-916-0895
SOURCE: Hagens Berman Sobol Shapiro LLP