South Korean E-Commerce Giant Coupang Wins US Dismissal of IPO Lawsuit

Coupang, the e-commerce company often called the Amazon of South Korea, won the dismissal on Wednesday of a lawsuit claiming it defrauded shareholders during and after its 2021 initial public offering, Wall Street’s largest by a foreign company in 6-1/2 years.U.S. District Judge Vernon Broderick in Manhattan said shareholders led by several New York City public pension funds failed to show Coupang and its executives intended to defraud them, made materially misleading statements and omissions, and ignored “ ...