Shareholder Law Firms Open Coupang Investigations After Data Breach and Stock Drop
The probes focus on whether investors were misled after a disclosure affecting roughly 33.7 million customer accounts.
Overview
- Kirby McInerney said on December 11 it is examining potential securities-law violations by Coupang and its senior management.
- Rosen Law Firm announced an investigation and said it is preparing a class action, citing a 3.2% share decline on December 10 following a New York Times report of the South Korea head’s resignation.
- Johnson Fistel on December 12 launched a review of Coupang’s disclosures, noting a 5.36% drop after the November 29 breach news and a further 3.23% slide on December 10.
- Coupang disclosed on November 29 that personal information tied to approximately 33.7 million customer accounts was compromised in a cybersecurity incident.
- The firms are soliciting shareholders on a contingency basis, and as of now there are no court filings or reported settlements from these inquiries.