A lawsuit was filed on behalf of investors in Coupang, Inc. (NYSE:CPNG) shares over alleged securities laws violations.
San Diego, CA -- (SBWIRE) -- 09/13/2022 -- An investor, who purchased shares of Coupang, Inc. (NYSE: CPNG), filed a lawsuit in the U.S. over alleged Securities Laws violations by Coupang, Inc. in connection with Coupang's March 11, 2021 initial public offering ("IPO").
Investors who purchased shares of Coupang, Inc. (NYSE: CPNG) have certain options and for certain investors are short and strict deadlines running. Deadline: October 25, 2022. NYSE: CPNG investors should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
South Korea based Coupang, Inc. owns and operates in e-commerce business through its mobile applications and Internet websites primarily in South Korea. On or around March 11, 2021, Coupang, Inc. conducted its initial public offering ("IPO"), and the company sold 130 million shares for $35. Since the IPO shares of Coupang, Inc. (NYSE: CPNG) declined to as low as $10.51 per share on June 13, 2022.
The plaintiff claims that the IPO's registration statement failed to disclose that Coupang, Inc. was engaged in improper anti-competitive practices with its suppliers and other third parties in violation of applicable regulations, including: (i) pressuring suppliers to raise prices of products on competing e-commerce platforms to ensure Coupang's prices would be more competitive; (ii) coercing suppliers into purchasing advertisements that would benefit Coupang financially; (iii) forcing suppliers to shoulder all expenses from sales promotions; and (iv) 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, that Coupang, Inc. 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, that unbeknownst to its Rocket WOW members, Coupang was selling products to non-member customers at lower prices than those offered to its Rocket WOW members, that Coupang, Inc. subjected its workforce to extreme, unsafe, and unhealthy working conditions, that 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 that Coupang, In'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.
Those who purchased shares of Coupang, Inc. (NYSE: CPNG) have certain options and should contact the Shareholders Foundation.
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