Coupang Faces Investor Lawsuit Over Massive Data Breach | Law-Order
Coupang is facing a US class action lawsuit alleging securities law violations due to a data breach affecting over 33 million customers.Summary
Coupang, a major South Korean online retailer, is the subject of a class action lawsuit filed in a California federal court. The lawsuit alleges that Coupang, its CEO Bom Kim, and CFO Gaurav Anand violated securities laws by misrepresenting the company’s data security practices and failing to promptly disclose a significant cybersecurity breach. The breach, discovered in November, impacted over 33 million customers, exposing personal information like names and addresses. While Coupang maintains that payment details were not compromised, the incident has triggered investigations in South Korea and prompted the company to pledge improvements to its cybersecurity infrastructure. Investors claim Coupang neglected its fiduciary duties, leading to financial losses.
(Source：Devdiscourse)