Coupang(US:CPNG) Globenewswire·2026-01-07 17:46Core Viewpoint - A securities fraud class action lawsuit has been filed against Coupang, Inc. and certain executive officers, alleging misleading statements and failure to disclose material adverse facts regarding the company's cybersecurity practices and the resulting risks to customer data [1][6]. Group 1: Lawsuit Details - The class action lawsuit was filed in the United States District Court for the Western District of Washington, expanding the class period to include all investors who purchased Coupang common stock from May 7, 2025, to December 16, 2025 [1][2]. - The lawsuit is titled Hakrae Lee, et al. v. Coupang, Inc., et al., and asserts claims under the Securities Exchange Act of 1934 [1]. Group 2: Company Overview - Coupang, based in Seattle, Washington, operates as a technology and commerce company, primarily through two segments: Product Commerce and Developing Offerings [4]. - The Product Commerce segment accounted for 88% of Coupang's total revenue in 2024, mainly through its South Korea-based subsidiary [4]. Group 3: Cybersecurity Concerns - The class action alleges that Coupang failed to maintain adequate cybersecurity measures, leading to significant risks of data breaches and unauthorized access to sensitive customer information [6]. - It was revealed that a security breach had already occurred in June 2025, which was not disclosed to investors [6]. Group 4: Impact of the Breach - On November 29, 2025, Coupang disclosed a cybersecurity incident affecting approximately 33.7 million customer accounts, resulting in a stock price drop of about 5.36% [7]. - Following the resignation of CEO Park Dae-joon on December 10, 2025, due to the data leak, Coupang's stock fell by approximately 3.2% [8]. - The full extent of the breach was acknowledged on December 16, 2025, leading to a further decline in stock price by about 2% [9].