NEW YORK, Sept. 21, 2022 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of Coupang, Inc. (“Coupang” or the “Company”) (NYSE: CPNG). Such investors are advised to contact Robert S. Willoughby at newaction@pomlaw.com or 888-476-6529, ext. 7980.

The investigation concerns whether Coupang and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices. 

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On or around March 11, 2021, Coupang conducted its initial public offering (“IPO”), selling 100 million shares of Class A common stock priced at $35.00 per share. Following the IPO and contrary to the representations in the IPO’s offering documents, investors learned, via a series of disclosures, that: (i) Coupang was engaged in a variety of improper anti-competitive practices with its suppliers and other third parties in violation of applicable regulations; (ii) Coupang had improperly adjusted search algorithms and manipulated product reviews on its marketplace platform in order to prioritize its own private-label branded products over those of other sellers and merchants, to the detriment of consumers, merchants, and suppliers; (iii) 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; (iv) Coupang subjected its workforce to extreme, unsafe, and unhealthy working conditions; (v) all of the foregoing illicit practices exposed the Company to a heightened, but undisclosed, risk of reputational and regulatory scrutiny that would harm the Company's critical relationships with consumers, merchants, suppliers, and the workforce; and (vi) 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. Since the IPO, Coupang’s stock price has fallen sharply, damaging investors.

Pomerantz LLP, with offices in New York, Chicago, Los Angeles, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.

CONTACT:

Robert S. Willoughby

Pomerantz LLP

rswilloughby@pomlaw.com

888-476-6529 ext. 7980