NEW
YORK, Oct. 7, 2022 /PRNewswire/ -- Jakubowitz
Law announces that a securities fraud class action lawsuit has
commenced on behalf of shareholders of Coupang, Inc. (NYSE:
CPNG).
To receive updates on the lawsuit, fill out the form:
https://claimyourloss.com/securities/coupang-inc-loss-submission-form/?id=32444&from=4
This lawsuit is on behalf of all purchasers of Coupang Class A
common stock pursuant and/or traceable to the registration
statement issued in connection with Coupang's March 2021 initial public offering.
Shareholders interested in acting as a lead plaintiff
representing the class of wronged shareholders have until
October 25, 2022 to petition
the court. Your ability to share in any recovery doesn't require
that you serve as a lead plaintiff.
According to a filed complaint, Coupang, Inc. issued materially
false and/or misleading statements and/or failed to disclose that:
(a) Coupang 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 Coupang's
prices would be more competitive; (ii) coercing suppliers into
purchasing advertisements that would benefit Coupang 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 Coupang's lower prices and
artificially inflate Coupang's historical revenues and market
share; (b) 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; (c) 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; (d)
Coupang subjected its workforce to extreme, unsafe, and unhealthy
working conditions; (e) 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 (f) 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.
Jakubowitz Law is vigorous in pursuit of justice for
shareholders who have been the victim of securities fraud. Attorney
advertising. Prior results do not guarantee similar outcomes.
CONTACT:
JAKUBOWITZ LAW
1140 Avenue of the Americas
9th Floor
New York, New York 10036
T: (212) 867-4490
F: (212) 537-5887
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SOURCE Jakubowitz Law