Core Viewpoint - Coupang, often referred to as the Amazon of South Korea, successfully had a lawsuit dismissed that accused it of defrauding shareholders during and after its 2021 IPO, which was the largest by a foreign company in over six years [1]. Group 1: Lawsuit Details - U.S. District Judge Vernon Broderick ruled that shareholders, led by New York City public pension funds, did not demonstrate that Coupang and its executives intended to defraud them or made materially misleading statements [2]. - Shareholders alleged that Coupang concealed unsafe working conditions, manipulated search results, had employees write favorable product reviews, and coerced suppliers to raise prices on competing platforms [3]. - The lawsuit claimed that Coupang's share price dropped by more than 50% within a year of the March 2021 IPO as negative information emerged, including investigations by South Korea's Fair Trade Commission and a fire at a fulfillment center [4]. Group 2: Court Ruling Insights - Judge Broderick stated that many of Coupang's statements regarding working conditions were too broad or aspirational to be considered misleading, and that statements about supplier relationships were not specific or were true [4]. - The judge also noted that shareholders did not provide specific details regarding the alleged price manipulation and acknowledged that the company had disclosed its practice of employees writing reviews [4]. - All claims against the IPO's underwriters, including Goldman Sachs and JPMorgan Chase, were also dismissed, with the lawsuit being dismissed with prejudice, preventing it from being refiled [5]. Group 3: Company Background - Coupang was founded in 2010 by South Korean billionaire Bom Kim and is currently headquartered in Seattle, having raised $4.6 billion in its IPO, marking the largest IPO by a foreign company on Wall Street since Alibaba's in September 2014 [6].