Coupang, Inc. (NYSE: CPNG), South Korea's leading e-commerce platform, is facing significant legal challenges following a major data breach that has raised serious concerns among investors. On December 19, 2025, Kirby McInerney LLP announced the filing of a class action lawsuit on behalf of investors who acquired Coupang securities during the period from August 6, 2025, to December 16, 2025. This lawsuit comes in the wake of alarming revelations regarding the company’s cybersecurity measures and their potential consequences for both customers and investors.

2. Allegations Against Coupang

The lawsuit alleges that Coupang made several false and misleading statements and failed to disclose critical information regarding its cybersecurity protocols. Specifically, it claims that:

Coupang had inadequate cybersecurity measures that allowed a former employee to access sensitive customer information for nearly six months without detection.

This failure subjected the company to increased regulatory and legal scrutiny.

When the company became aware of the data breach, it did not adequately report the incident in compliance with U.S. Securities and Exchange Commission (SEC) requirements.

3. The Data Breach Incident

The security breach was publicly acknowledged by Coupang on November 29, 2025, when the company reported that personal information for approximately 33.7 million customer accounts had been compromised. Following this revelation, the company’s stock experienced a notable decline of $1.51 per share, or about 5.36%, closing at $26.65 on December 1, 2025.

Further compounding the situation, on December 10, 2025, *The New York Times* published an article detailing the resignation of Coupang's South Korean unit CEO amid the fallout from the breach. This news resulted in an additional drop in stock price, falling by $0.87 per share, or 3.23%, to close at $26.06.

On December 16, 2025, Coupang filed an 8-K report acknowledging the breach in more detail, revealing that sensitive data, including names, phone numbers, delivery addresses, emails, and order histories for up to 33 million customers, had been accessed. Following this disclosure, Coupang's stock fell yet again, closing at $22.72 on December 17, 2025.

4. The Lead Plaintiff Appointment Process

Investors who suffered losses during the class period have until February 17, 2026, to request lead plaintiff appointment in the lawsuit. The federal securities laws allow any eligible investor to seek this appointment, with courts typically selecting those who have incurred the largest financial losses and can adequately represent the class. Lead plaintiffs play a crucial role in influencing the case's strategy and decisions regarding settlement.

5. Implications for Coupang and Its Investors

The data breach has not only compromised the personal information of millions of customers but has also raised serious questions about Coupang's governance and operational integrity. As regulatory scrutiny increases, the potential for further legal ramifications looms large. Investors are advised to stay informed about the developments in this case, as the outcomes could significantly impact Coupang's reputation and financial performance moving forward.

6. Conclusion

As Coupang navigates this challenging period, the class action lawsuit highlights the growing importance of cybersecurity in the e-commerce industry. Investors are urged to monitor the situation closely and consider their options in light of the ongoing legal proceedings. The outcome of this lawsuit will likely have lasting implications for Coupang's future, both in terms of financial stability and customer trust.

Original press release