Coupang Class Action Lawsuit (CPNG Lawsuit)
Levi & Korsinsky, LLP announces that a CPNG class action lawsuit (Coupang Class Action Lawsuit) has been filed on behalf of investors who purchased Coupang, Inc. (CPNG) Class A common stock pursuant and/or traceable to the registration statement issued in connection with Coupang’s March 2021 initial public offering. For more on the CPNG Lawsuit please contact us today.
According to the CPNG lawsuit, throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that:
(a) CPNG was engaged in improper anti-competitive practices with its suppliers and other third parties in violation of applicable regulations, including: (i) pressuring suppliers to raise prices of products on competing e-commerce platforms to ensure CPNG’s prices would be more competitive; (ii) coercing suppliers into purchasing advertisements that would benefit CPNG financially; (iii) forcing suppliers to shoulder all expenses from sales promotions; and (iv) requesting wholesale rebates from suppliers without specifying any terms relating to rebate programs, all of which served to artificially maintain CPNG’s lower prices and artificially inflate Coupang’s historical revenues and market share; (b) CPNG 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; (c) unbeknownst to its Rocket WOW members, CPNG was selling products to non-member customers at lower prices than those offered to its Rocket WOW members; (d) CPNG subjected its workforce to extreme, unsafe, and unhealthy working conditions; (e) all of the above illicit practices exposed CPNG to a heightened, but undisclosed, risk of reputational and regulatory scrutiny that would harm CPNG’s critical relationships with consumers, merchants, suppliers, and the workforce; and (f) CPNG’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 suffered a loss in Coupang, Inc. you have until October 25, 2022 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff.
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