COUPANG SHAREHOLDER ALERT by Former Louisiana Attorney General: Kahn Swick & Foti, LLC reminds investors with losses greater than $100,000 of the lead plaintiff deadline in a class action lawsuit against Coupang, Inc. – CPNG
NEW ORLEANS–(BUSINESS WIRE)–Kahn Swick & Foti, LLC (“KSF”) and his partner, former Louisiana Attorney General Charles C. Foti, Jr., remind investors that they have until October 25, 2022 to file lead plaintiff claims in a securities class action lawsuit against Coupang, Inc. (NYSE: CPNG), if they purchased or acquired the Company’s shares pursuant to the March initial public offering 2021 of the Company (the “IPO”). This action is pending in the United States District Court for the Southern District of New York.
What you can do
If you have purchased or acquired shares of Coupang as above and wish to discuss your legal rights and how this matter may affect you and your right to recover your economic loss, you may, without obligation or charge for you, contact KSF Managing Partner Lewis Kahn toll-free at 1-877-515-1850 or by email ([email protected]), or visit https://www.ksfcounsel.com/cases/nyse-cpng/ to learn more. If you wish to act as lead plaintiff in this class action, you must submit a motion to the court in October 25, 2022.
About the trial
Coupang and some of its executives are accused of failing to disclose material information in its IPO registration statement, in violation of federal securities laws.
The alleged false and misleading statements and omissions include, but are not limited to, that: (i) the Company has engaged in improper anti-competitive practices with its suppliers and other third parties in violation of applicable regulations; (ii) the Company had misadjusted search algorithms and manipulated product reviews on its marketplace platform to prioritize its own private label products over those of other sellers and merchants, to the detriment of consumers, merchants and suppliers; (iii) without the knowledge of its Rocket WOW Members, Coupang was selling products to non-Member customers at prices lower than those offered to its Rocket WOW Members; (iv) the Company has subjected its personnel to extreme, dangerous and unhealthy working conditions; (v) all of the above illicit practices exposed the Company to increased, but undisclosed, regulatory oversight and reputational risk that would harm the Company’s critical relationships with consumers, merchants, suppliers and the workforce. ‘work ; and (vi) the Company’s lower prices, historical revenues, competitive advantages and growing market share were the result of systemic, improper, unethical and/or illegal and, therefore, unsustainable practices.
The deal is Choi vs. Coupang, Inc., No. 22-cv-07309.
About Kahn Swick & Foti, LLC
KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation’s leading securities litigation law firms. KSF serves a variety of clients – including public institutional investors, hedge funds, fund managers and retail investors – in seeking recoveries for investment losses resulting from corporate fraud or malfeasance by listed companies. KSF has offices in New York, California, Louisiana and New Jersey.
To learn more about KSF, you can visit www.ksfcounsel.com.