Coupang, Inc.

In March 2021, Coupang conducted its initial public offering (“IPO”), selling 100 million shares of Class A common stock at $35 per share.

On April 27, 2021, United Press International reported on unsafe working conditions for Coupang’s delivery drivers and employees at Coupang’s fulfillment centers, stating that nine Coupang workers had died over the past year due to an inhumane working environment. The report also alleged that the Company had sued journalists who had written about the Company’s worker deaths.

Then, on June 17, 2021, a fire broke out in Coupang’s Logistic Fulfillment Center in Seoul, killing a firefighter who became trapped in the building. Protestors claimed that the fire resulted from Coupang’s inhumane working conditions. The fire cost Coupang approximately $296 million in lost inventory, property, equipment, and other costs.

Then, on September 20, 2021, a representative from the Korean Fair Trade Commission (“KFTC”) announced that Coupang was participating in, and would be regulated for, search algorithm manipulation that had improperly prioritized its own products over those of third-party sellers.   

Then, on March 22, 2022, Korea JoonAng Daily reported that the KFTC had opened another investigation into Coupang regarding claims that the Company had manipulated product reviews for its private-label branded products to make them appear more positive.

Then, on July 13, 2022, The Korea Times published an article reporting that Coupang was also under investigation for falsely advertising the membership benefits of its Rocket WOW membership services.

On July 14, 2022, Coupang Class A common stock closed at $14.25 per share – 59.3% below the IPO price.