This lawsuit is for anyone who acquired securities in Coupang, Inc. (NYSE: CPNG) from March 11, 2021 through August 26, 2022.
The lawsuit alleges that the Company and certain of its executives violated federal law. Specifically, the lawsuit alleges that, in the Prospectus to the Company's IPO, the Company misled investors regarding its financial condition. More specifically, the lawsuit alleges that the Company misled investors by telling investors that the Company abided by applicable laws but then by committing multiple violations of antitrust laws.
On September 20, 2021, a representative from the Korean Fair Trade Commission (“KFTC”) announced that Coupang was participating in, and would be regulated for, search algorithm manipulation that had improperly prioritized its own products over those of third-party sellers. Then, on March 22, 2022, Korea JoonAng Daily reported that the KFTC had opened another investigation into Coupang regarding claims that the Company had manipulated product reviews for its private-label branded products to make them appear more positive. Then, on July 13, 2022, The Korea Times published an article reporting that Coupang was also under investigation for falsely advertising the membership benefits of its Rocket WOW membership services. On each of these disclosures, the price of the Company's stock dropped precipitously on unusually heavy trading volume and traded lower at the time of this lawsuit than it did at the time of the Company's IPO.
The Law Offices of Howard G. Smith seeks to recover damages on behalf of class members. If you acquired securities in Coupang, Inc. (NYSE: CPNG) from March 11, 2021 through August 26, 2022 you may join the lawsuit by submitting your information online, or you may call the Law Offices of Howard G. Smith and speak to Mr. Smith directly to learn how he can protect your rights.
Join the Class Action
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If Representing an Institution, Name of Institution:
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I, the Plaintiff, certify that:
1. I have reviewed the Complaint and authorized its filing.
2. Plaintiff did not purchase the security that is the subject of this
action, at the direction of plaintiff's counsel or in order to
participate in any private action arising under this title.
3. I am willing to serve as a representative party on behalf of a class
and will testify at deposition and trial, if necessary.
4. My transactions in the securities, which are the subject of this
action, during the Class Period set forth in the Complaint are as
5. I have not served as a representative party on behalf of a class
under the federal security laws during the last three years, except
if detailed below.
6. I will not accept any payment for serving as a representative party,
except to receive my pro rata share of any recovery or as ordered
or approved by the court including the award to a representative
plaintiff of reasonable costs and expenses (including lost wages)
directly relating to the representation of the class.
agreement and retain the Law Offices of Howard G. Smith and its associates to proceed on Plaintiff's behalf, on a contingent fee basis. If I am executing this agreement on behalf of an institution, I further certify that I am authorized to execute this agreement on behalf of the institution.