Coupang Faces Class Action Lawsuit Alleging Violations After Data Breach

Core Viewpoint - Coupang is facing a class action lawsuit from investors alleging violations of securities laws related to a data breach that exposed personal information of nearly 34 million customers [2][3]. Group 1: Lawsuit Details - The lawsuit was filed in California, claiming that Coupang misled investors about its data security practices and failed to disclose the breach in a timely manner [2]. - Allegations include that Coupang understated its vulnerability to cyberattacks and overstated its safeguards in U.S. regulatory filings [2]. Group 2: Data Breach Information - The data breach exposed personal information such as names, email addresses, phone numbers, shipping addresses, and some order histories, but did not include login information or payment details [3][4]. - Coupang reported that the unauthorized access began in June via overseas servers and that it became aware of the breach on November 18, disclosing it to authorities on November 29 [3]. Group 3: Company Response and Management Changes - Coupang indicated that a former employee may have obtained the data, and to the company's knowledge, this individual had not publicly disclosed the information [4]. - The former CEO of Coupang's Korean subsidiary resigned on December 10, and the company stated that its operations have not been materially disrupted [5].