SAN FRANCISCO, Sept. 28, 2022 (GLOBE NEWSWIRE) — Hagens Berman is urging Coupang, Inc. CPNG Investors who bought shares as part of the company’s IPO in March 2021 and suffered significant losses Submit your losses now.
Coupang, Inc. CPNG Securities Class Action:
The class action is being brought on behalf of investors in Coupang’s initial public offering (“IPO”) in March 2021, which raised the Company for gross proceeds of $3.5 billion.
The complaint alleges that the defendants failed to disclose in the IPO offering documents that: (a) Coupang engaged in improper anti-competitive practices with its suppliers and other third parties in violation of applicable regulations; (b) 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; (c) without the knowledge of its Rocket WOW loyalty program members, Coupang sold products at lower prices to non-member customers; and (d) Coupang’s historical revenues, competitive advantages and growing market share were the result of systematic, inappropriate, unethical and/or illegal practices.
Until July 14, 2022, thereafter The Korea Times Reported that Korean regulators were investigating Coupang for falsely promoting membership benefits of its loyalty program Rocket WOW, Coupang’s shares closed at $14.25, or nearly 60% below its IPO price.
“We are focusing on investors’ losses and proving that Coupang’s true source of growth was its anti-competitive behavior,” said Reed Kathrein, the partner at Hagens Berman who led the investigation.
If you have invested in Coupang and suffer significant losses or have knowledge that could assist the firm’s investigations, Click here to discuss your legal rights with Hagens Berman.
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