Coupang, Inc. (CPNG) Securities Class Action

Coupang provides retail, restaurant delivery, video streaming, and fintech services to customers around the world under brands that include Coupang, Coupang Eats, Rocket Now, and Farfetch. The company’s stated mission is “to revolutionize the everyday lives of its customers and create a world where people wonder, ‘How did I ever live without Coupang?’”

Coupang has repeatedly assured investors “[t]he capabilities we have built provide us with opportunities to expand[]” and that its reliance on cybersecurity protocols, such as encryption and authentication technology, help it “to securely transmit confidential and sensitive information.”

The lawsuit is focused on whether Coupang may have misled investors about the adequacy of its cybersecurity protocols, including as they pertained to former employees. The lawsuit also focuses on whether Coupang’s disclosure controls were sufficient to ensure the company timely informed investors within four days of any material cybersecurity incident.

The propriety of Coupang’s transparency to investors may have begun to come into question on November 30, 2025. That day, Reuters reported that the company apologized over the breach of personal information of a whopping 33.7 million customers through unauthorized data access. Reuters further reported that the South Korean government held an emergency meeting looking at whether Coupang violated applicable data safety rules.

On December 10, 2025, The New York Times reported that Coupang’s CEO of its South Korean e-commerce unit resigned as the fallout from the data breach intensified, the company first detected a breach on November 18, 2025, and South Korean police raided Coupang’s offices in Seoul for a second straight day.

Another news outlet reported on December 15, 2025, that the breach was attributed to a former Coupang employee assigned to authentication management systems and who left Coupang in 2024 but allegedly retained access credentials.

Finally, on December 16, 2025, Coupang filed an interim report on Form 8-K confirming that it first became aware of “a cybersecurity incident involving unauthorized access to customer accounts[]” on November 18, blamed it on a former employee, and warned that it could face material financial losses from the potential loss of revenue and higher expense, including regulatory penalties. 

Since the November 30, 2025, Reuters article hit the press, over $8 billion of Coupang’s market capitalization has been wiped out.

FREQUENTLY ASKED QUESTIONS ABOUT THE CASE

What is the CPNG investigation about?

We are focused on when Coupang determined that the November 2025 breach was material and whether the company timely reported it, as required by the SEC.

WHAT SHOULD I DO?

I worked at CPNG. What should I do?

If you were an employee of CPNG, you may have valuable information that could be relevant to the investigation. Hagens Berman is one of the nation’s top whistleblower law firms, and has successfully represented many individuals who come forward with information regarding corporate malfeasance. Under the new SEC Whistleblower program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, contact Reed Kathrein at 844-916-0895 or [email protected].

There are multiple law firms participating, do I need to contact all of them?

No, you do not need to contact all participating law firms. Generally, class-action investigations and lawsuits are consolidated into a single case to streamline the legal process, and attorneys from only a few law firms are selected to serve in a leadership role on the consolidated case. Hagens Berman has a proven track record of being appointed to leadership roles in complex, multidistrict litigation regarding investor fraud and other consumer rights issues, and your claim will be handled by attorneys who have helped secure approximately $325 billion in class-action settlements on behalf of individuals who have suffered due to corporate malfeasance and the wrongdoing of other powerful institutions.

AM I ELIGIBLE?

What is the threshold amount to be eligible? What are “substantial” losses?

The threshold amount and the definition of "substantial" losses may vary depending on a number of factors specific to the case, including the size of the company, market cap, shares outstanding and who holds them and the damages alleged by the fraud. In general, to be eligible to participate in a class-action lawsuit, you must be able to demonstrate that you suffered financial losses as a result of the alleged wrongdoing and that your losses meet the criteria set by the court or law firm. Fill out the form and submit your losses.

CAN I PARTICIPATE?

Am I affected? What do I need to do to participate?

If you were an investor in CPNG, you may be affected and eligible to participate in the case. To determine your eligibility and potential involvement, fill out the form and submit your losses.

Can any CPNG investor participate?

In most class-action investigations and cases, any investor who meets the eligibility criteria, including purchasing the shares during the relevant period, can participate, regardless of the size of their investment. Fill out the form to find out your rights.

I bought on a non-U.S. Exchange. Can I participate?

No. This investigation only covers shares bought on a U.S. exchange, i.e. NASDAQ or NYSE. Fill out the form to find out your rights.

Am I included if I still hold my shares, or do I need to sell to participate?

Participation is based on purchasing shares during the relevant period, rather than your current holdings. Accordingly, you do not need to sell to participate. Fill out the form to find out your rights.