SAN DIEGO, Sept. 20, 2022 (GLOBE NEWSWIRE) —

The class: Law firm for shareholder rights Robbins LLP Reminds investors that a shareholder has filed a class action lawsuit on behalf of all buyers of Coupang, Inc. CPNG Class A common stock pursuant to or traceable to the Company’s initial public offering in March 2021 (“IPO”) for violations of the Securities Act of 1933. Coupang is one of the largest e-commerce companies in Asia.

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What is it about in this case: Coupang, Inc. (CPNG) made material misrepresentations in connection with its IPO

According to the lawsuit, in March 2021, defendants issued approximately 100 million Class A Coupang common shares at $35 per share for aggregate gross proceeds of $3.5 billion.

However, the registration statement supporting the IPO did not disclose the following: (a) Coupang engaged in improper anti-competitive practices with its suppliers and other third parties that violate applicable regulations, including: (i) pressuring suppliers to increase prices of products on competing e-commerce platforms to ensure Coupang’s prices are more competitive; (ii) compel suppliers to buy advertising that would benefit Coupang financially; (iii) requiring suppliers to bear all promotional costs; and (iv) soliciting wholesale rebates from suppliers without specifying terms and conditions relating to rebate programs, all designed to artificially maintain the Company’s lower prices and artificially inflate the Company’s historical revenue and market share; (b) 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; (c) unbeknownst to its Rocket WOW members, Coupang sold products to non-member customers at lower prices than…