NEW YORK, Oct. 16, 2022 (GLOBE NEWSWIRE) — Bragar Eagel & Squire, PC, a nationally recognized shareholder rights law firm, is reminding investors that class action lawsuits can be filed on behalf of shareholders of Coupang, Inc. CPNGHumanigen, Inc. HGENLatch, Inc. LTCHand Azure Power Global Limited AZRE. Shareholders have until the deadlines below to petition the court to appear as lead plaintiffs. For more information on each case, see the link provided.
Coupang, Inc. CPNG
Collection Period: As per the Company’s IPO dated March 11, 2021
Lead Plaintiff Deadline: October 25, 2022
On or about March 11, 2021, Coupang completed its initial public offering (“IPO”) and the Company sold 130 million shares for $35.00.
Coupang reported that its total annual revenue increased to over $18.4 billion in 2021 from $11.96 billion in 2020 and that its net loss jumped to over 1.0 billion from $474.89 million in 2020 $.54 billion in 2021.
Since the IPO, Coupang shares have fallen as low as $10.51 per share on June 13, 2022.
The lawsuit focuses on whether the company and its officers violated federal securities laws by making false and/or misleading statements and/or failing to disclose the following: (1) Coupang engaged in improper anticompetitive practices with its suppliers and other third parties Violating applicable regulations, including (a) pressuring suppliers to increase the prices of Products on competing e-commerce platforms to ensure Coupang’s prices are more competitive; (b) forcing suppliers to purchase advertising that would benefit Coupang financially; (c) requiring suppliers to bear all promotional costs; and (d) requesting wholesale rebates from suppliers without specifying terms and conditions relating to rebate programs, all designed to artificially maintain Coupang’s lower prices and artificially increase Coupang’s historical revenue and market share; (2) Coupang had incorrectly adjusted search algorithms and manipulated product ratings on…
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