Coupang Deadline Alert
Sep 28th, 2022 18:08 EST
Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses Exceeding $100,000 In Coupang To Contact Him Directly To Discuss Their Options
New York, New York--(Newsfile Corp. - September 28, 2022) - Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Coupang, Inc. ("Coupang" or the "Company") (NYSE: CPNG) and reminds investors of the October 25, 2022 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you suffered losses exceeding $100,000 investing in Coupang stock or options pursuant and/or traceable to the registration statement issued in connection with Coupang's March 2021 initial public offering ("IPO") and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310). You may also click here for additional information: www.faruqilaw.com/CPNG.
There is no cost or obligation to you.
Faruqi & Faruqi is a leading minority and Woman-owned national securities law firm with offices in New York, Pennsylvania, California and Georgia.
As detailed below, 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.
By July 14, 2022, Coupang Class A common stock closed below $15 per share - more than 50% below the $35 per share price investors paid for the stock in the IPO less than a year-and-a-half earlier.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Coupang's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/138755