Labaton Sucharow, a nationally ranked and award-winning shareholder rights firm, announces the filing of a class action lawsuit against Coupang, Inc. ("Coupang" or "the Company") (NYSE: CPNG) for violations of the federal securities laws.
According to the lawsuit, the IPO Registration Statement featured false and/or misleading statements and/or failed to disclose that: (1) Coupang was engaged in improper anti-competitive practices with its suppliers and other third parties in violation of applicable regulations, including: (a) pressuring suppliers to raise prices of products on competing e-commerce platforms to ensure Coupang’s prices would be more competitive; (b) coercing suppliers into purchasing advertisements that would benefit Coupang financially; (c) forcing suppliers to shoulder all expenses from sales promotions; and (d) requesting wholesale rebates from suppliers without specifying any terms relating to rebate programs, all of which served to artificially maintain Coupang’s lower prices and artificially inflate Coupang’s historical revenues and market share; (2) 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; (3) unbeknownst to its Rocket WOW members (a customer loyalty program for the Company’s most engaged and frequent customers), Coupang was selling products to non-member customers at lower prices than those offered to its Rocket WOW members; (4) Coupang subjected its workforce to extreme, unsafe, and unhealthy working conditions; (5) all of the above illicit practices exposed Coupang to a heightened, but undisclosed, risk of reputational and regulatory scrutiny that would harm Coupang’s critical relationships with consumers, merchants, suppliers, and the workforce; and (6) 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.
Investors who purchased the Company's shares pursuant and/or traceable to the Company's initial public offering conducted on March 11, 2021 (the "IPO"), are encouraged to contact the firm before October 25, 2022.
If you currently own stock or options in Coupang, Inc. and suffered a loss, click here to participate.
If you want to receive additional information and protect your investments free of charge, please contact David J. Schwartz using the toll-free number (800) 321-0476 or via email at david@labaton.com.
About the Firm
Labaton Sucharow LLP is one of the world's leading complex litigation firms representing clients in securities, corporate governance and shareholder rights, consumer, and cybersecurity and data privacy litigation, as well as whistleblower representation. Labaton Sucharow has been recognized for its excellence by the courts and peers, and it is consistently ranked in leading industry publications. Offices are located in New York, NY, Wilmington, DE, and Washington, D.C. More information about Labaton Sucharow is available at labaton.com.
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Contacts
David J. Schwartz
(800) 321-0476
david@labaton.com
