CPNG) CLASS ACTION AGAINST SHAREHOLDERS:
NEW YORK, Sept. 27, 2022 (GLOBE NEWSWIRE) — Bernstein Liebhard LLP, a nationally recognized investor rights law firm, is reminding investors of the deadline for filing a motion by lead plaintiff in a securities class action lawsuit filed on behalf of investors, who have purchased or acquired the Class A common stock of Coupang, Inc. (“Coupang” or the “Company”) (NYSE: CPNG) pursuant to and/or traceable to the registration statement issued in connection with Coupang’s March 2021 IPO ( “Initial public offering”). The lawsuit was filed in the United States District Court for the Southern District of New York alleging violations of the Securities Exchange Act of 1933.
Founded in 2010, Coupang has made a name for itself by commercializing South Korean express delivery services through aggressive investments in infrastructure technology and distribution centers. Coupang has approximately 100 fulfillment and logistics centers in over 30 cities covering over 40 million square feet. Coupang offers hundreds of millions of products sourced from its own inventory and private label products, third-party selections and over 200,000 retailers for fast delivery. Coupang also offers a “Rocket WOW” customer loyalty program to provide additional benefits to its most engaged and frequented customers.
On February 12, 2021, Coupang filed an IPO registration statement on Form S-1, effective March 10, 2021 (the “Registration Statement”). On March 11, 2021, Coupang filed a prospectus for the IPO on Form 424B4, which included and formed a part of the registration statement. Pursuant to the registration statement, Coupang sold 100 million Class A shares of Coupang common stock at a price of $35 per share for aggregate gross proceeds of $3.5.
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