COUPANG ALERT: Bragar Eagel & Squire, P.C. Announces that a Class Action Lawsuit Has Been Filed Against Coupang, Inc. and Encourages Investors to Contact the Firm
Aug 29th, 2022 0:21 EST
NEW YORK--(BUSINESS WIRE)--Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, announces that a class action lawsuit has been filed against Coupang, Inc. (“Coupang” or the “Company”) (NYSE: CPNG) in the United States District Court for the Southern District of New York on behalf of all persons and entities who purchased or otherwise acquired Coupang securities pursuant to the Company’s March 11, 2021 IPO (the “Class Period”). Investors have until October 25, 2022 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
Click here to participate in the action.
On or around March 11, 2021, Coupang conducted its initial public offering (“IPO”), and the company sold 130 million shares for $35.00.
Coupang reported that its annual Total Revenue rose from $11.96 billion in 2020 to over $18.4 billion in 2021, and that its Net Loss increased from $474.89 million in 2020 to over $1.54 billion in 2021.
Since the IPO, Coupang shares have declined to as low as $10.51 per share on June 13, 2022.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) Coupang was engaged in improper anti-competitive practices with its suppliers and other third parties in violation of applicable regulations, including (a) pressuring suppliers to raise prices of products on competing e-commerce platforms to ensure Coupang’s prices would be more competitive; (b) coercing suppliers into purchasing advertisements that would benefit Coupang financially; (c) forcing suppliers to shoulder all expenses from sales promotions; and (d) requesting wholesale rebates from suppliers without specifying any terms relating to rebate programs, all of which served to artificially maintain Coupang’s lower prices and artificially inflate Coupang’s historical revenues and market share; (2) Coupang had improperly adjusted search algorithms and manipulated product reviews on its marketplace platform to prioritize its own private-label branded products over those of other sellers and merchants, to the detriment of consumers, merchants, and suppliers; (3) unbeknownst to its Rocket WOW members, Coupang was selling products to non-member customers at lower prices than those offered to its Rocket WOW members; (4) Coupang subjected its workforce to extreme, unsafe, and unhealthy working conditions; (5) all of the above illicit practices exposed Coupang to a heightened, but undisclosed, risk of reputational and regulatory scrutiny that would harm Coupang’s critical relationships with consumers, merchants, suppliers, and the workforce; and (6) Coupang’s lower prices, historical revenues, competitive advantages, and growing market share were the result of systemic, improper, unethical, and/or illegal practices, and, thus, unsustainable.
If you purchased or otherwise acquired Coupang shares and suffered a loss, are a long-term stockholder, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Melissa Fortunato by email at [email protected], telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.