NEW YORK, Sept. 14, 2022 (GLOBE NEWSWIRE) — Pomerantz LLP is investigating claims on behalf of investors of Coupang, Inc. (“Coupang” or the “Company”) CPNG. Those investors are advised to contact Robert S. Willoughby at newaction@pomlaw.com or 888-476-6529, extension 7980.
The investigation concerns whether Coupang and certain of its officers and/or directors have engaged in securities fraud or other illegal business practices.
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On or about March 11, 2021, Coupang completed its initial public offering (“IPO”), selling 100 million Class A common shares at a price of $35.00 per share. Subsequent to the IPO, and contrary to what was depicted in the IPO offering documents, investors learned through a series of disclosures that: (i) Coupang had engaged in a variety of illegal anticompetitive practices with its suppliers and other third parties in violation of applicable regulations; (ii) Coupang had mismatched search algorithms and manipulated product reviews on its marketplace platform to prioritize its own private label products over those of other sellers and merchants to the detriment of consumers, merchants and suppliers; (iii) without the knowledge of its Rocket WOW members, Coupang sold products to non-member customers at lower prices than those offered to its Rocket WOW members; (iv) Coupang subjected its workforce to extreme, unsafe and unhealthy working conditions; (v) any of the foregoing unlawful practices would expose the Company to an increased, but undisclosed, risk of reputational and regulatory scrutiny that would affect the Company’s critical relationships with consumers, vendors, suppliers and employees; and (vi) Coupang’s lower prices, historical revenues, competitive advantages and increasing market share were the result of systematic, inappropriate, unethical and/or illegal practices and therefore unsustainable. Since the IPO, Coupang’s share price has fallen…
