NEW YORK, Aug. 31, 2022 (GLOBE NEWSWIRE) — Gainey McKenna & Egleston announces that a class action lawsuit has been filed against Coupang, Inc. (“Coupang” or the “Company”). CPNG in the United States District Court for the Southern District of New York on behalf of purchasers of Coupang’s securities pursuant to and/or traceable to the registration statement and related prospectus (collectively, the “Registration Statement”) issued in connection with Coupang’s March 2021 IPO (the “IPO”).

The complaint alleges that the IPO registration statement contained false and/or misleading statements and/or failed to disclose the following: (1) Coupang engaged in improper anti-competitive practices with its suppliers and other third parties that violate applicable regulations, including: (a) pressurize suppliers to increase the prices of products on competing e-commerce platforms to ensure Coupang’s prices are more competitive; (b) forcing suppliers to purchase advertisements that would benefit Coupang financially; (c) requiring suppliers to bear all promotional costs; and (d) requesting wholesale rebates from suppliers without specifying terms and conditions relating to rebate programs, all designed to artificially maintain Coupang’s lower prices and artificially increase Coupang’s historical revenue and market share; (2) Coupang had mismatched search algorithms and manipulated product reviews on its marketplace platform to prioritize its own private label products over those of other sellers and merchants to the detriment of consumers, merchants and suppliers; (3) without the knowledge of its Rocket WOW members (a customer loyalty program for the Company’s most dedicated and frequent customers), Coupang sold products to non-member customers at lower prices than those offered to its Rocket WOW members; (4) Coupang subjected its workforce to extreme, unsafe and unhealthy working conditions; (5) all of the above illegal practices…