LOS ANGELES, Oct. 19, 2022 (GLOBE NEWSWIRE) — The law firm of Portnoy is informing the investors of Coupang, Inc. (“Coupang” or the “Company”) (NYSE: CPNG) that a class action lawsuit has been filed on behalf of the investors. Coupang investors who have lost money investing are encouraged to do so Contact Lesley Portnoy, Esq.

Investors are encouraged to contact an attorney Lesley F Portnoyby phone 844-767-8529 or E-mail: [email protected] to discuss your legal rights, or click here to join the case about www.portnoylaw.com. Portnoy Law Firm can provide a free case assessment and discuss investors’ options for making claims to recover their losses.

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 billion.

Plaintiff alleges that the registration statement failed to disclose the following adverse facts that existed at the time of the IPO: (a) Coupang engaged in improper anti-competitive practices with its suppliers and other third parties; (b) Coupang had improperly adjusted search algorithms and manipulated product reviews to prioritize its own private label products over those of other sellers and retailers to the detriment of consumers, retailers and suppliers; (c) Coupang sold products to non-members at lower prices than those offered to its Rocket WOW members; (d) Coupang subjected its workforce to unhealthy working conditions; and (e) Coupang’s lower prices, historical earnings, competitive advantage and market share were the result of systemic, inappropriate, unethical and/or illegal practices and thus…