Coupang, Inc. (CPNG) Securities Class Action Lawsuit Filed [December 26, 2025]

Introduction to Coupang, Inc. (CPNG) Securities Class Action Lawsuit

A federal securities class action has been filed against Coupang, Inc. (NYSE: CPNG), its CEO Bom Kim, and its CFO Gaurav Anand, in the United States District Court for the Northern District of California. The class period runs from August 6, 2025 to December 16, 2025. Investors allege the company misrepresented its cybersecurity controls and internal reporting, including through SOX certifications and risk disclosures, while failing to timely disclose a material data breach, as required by SEC disclosure rules for material cybersecurity incidents, including filing a current report within 4 days. 

In reality, media reports beginning on November 30, 2025 and a December 16, 2025 Form 8-K filed with the U.S. Securities and Exchange Commission revealed a massive breach affecting roughly 33-34 million customer accounts involving unauthorized access to sensitive personal information and the resignation of the head of Coupang's South Korean unit. As reports surfaced and the company acknowledged the incident, Coupang's stock fell over a series of trading days on the New York Stock Exchange, harming investors who bought during the class period, with multiple drops totaling over 10% and a market capitalization loss of over $8 billion.

Coupang, Inc. (CPNG) Securities Lawsuit Case Details

Case Name: Barry v. Coupang, Inc., Bom Kim, and Gaurav Anand.

Case No.: 5:25-cv-10795

Jurisdiction: U.S. District Court, Northern District of California

Filed on: December 18, 2025

Coupang, Inc. (CPNG) Company Profile

Coupang is a technology and commerce company whose primary market is South Korea, listed on the New York Stock Exchange under ticker NYSE: CPNG, offering retail services through a large e-commerce platform and same-day delivery business model, restaurant delivery (Coupang Eats), video streaming (Coupang Play), fintech services, and Farfetch operations, and is a U.S. technology company headquartered in Seattle, Washington. The company reports nearly 25 million active users.

Coupang, Inc. (CPNG) Securities Lawsuit Class Period

August 6, 2025-December 16, 2025, inclusive. 

All persons and entities other than Defendants who purchased or otherwise acquired the publicly traded securities of Coupang, including common stock traded on the New York Stock Exchange between August 6, 2025 and December 16, 2025, both dates inclusive.

Allegations in the Coupang, Inc. (CPNG) Securities Class Action Lawsuit

The lawsuit names Coupang, Inc., CEO Bom Kim, and CFO Gaurav Anand. According to the complaint, they signed SOX certifications about financial reporting and disclosure controls in SEC filings, and the company's 2024 Annual Report included cybersecurity risk disclosures and disclosure controls and procedures. 

The narrative begins earlier in the year. On February 25, 2025, in its 2024 Annual Report incorporated by reference, the company warned that failures to protect its apps, websites, networks, and systems, personal information, and results. As the class period approached, on August 5, 2025, Bom Kim and Gaurav Anand signed SOX certifications in Coupang's Q2 2025 Form 10-Q attesting to the accuracy of financial reporting, disclosure of any material changes to internal control over financial reporting, and the disclosure of all fraud. They repeated those SOX certifications on November 4, 2025 in the Q3 2025 Form 10-Q. 

Meanwhile, investors allege a different reality and securities fraud under the federal securities laws. The complaint asserts that Coupang's cybersecurity protocols were inadequate, including authentication systems and encryption safeguards, allowing a former employee to access sensitive customer information for nearly six months without detection; the former employee left in 2024 and allegedly retained access credentials. When Defendants became aware on November 18, 2025 that Coupang had been subjected to this data breach, a material cybersecurity incident, they did not file a current report in compliance with applicable reporting rules by submitting a Form 8-K to the U.S. Securities and Exchange Commission within 4 days. As a result, the complaint alleges the company's public statements were materially false or misleading during the relevant period, subjecting the company to heightened regulatory scrutiny and alleging violations of federal securities laws.

The Truth Emerges

The story broke publicly through the press. On November 30, 2025, Reuters reported that Coupang apologized for a breach of personal information from 33.7 million customer accounts due to unauthorized access, stating that payment details were not exposed. The next day, December 1, Bloomberg described the breach as capping a record year for online leaks in South Korea as regulators opened an investigation. 

As pressure mounted, The New York Times reported on December 10 that the head of Coupang's South Korean unit, Park Dae-jun, resigned, stating he accepted "grave responsibility" over the data leak, while law enforcement conducted police raids at Coupang's Seoul offices. Coupang then formalized the disclosure. On December 16, 2025, the company filed a Form 8-K current report with the U.S. Securities and Exchange Commission stating that on November 18, 2025, Coupang Corp. became aware of a cybersecurity incident involving access to customer accounts after an extended, nearly six-month period of unauthorized access and that a former employee may have obtained names, phone numbers, delivery addresses, and email addresses tied to up to 33 million accounts, reflecting a 28-day gap between discovery and filing. 

These revelations directly contradicted prior SOX certifications and earlier risk-language assurances, revealing the scale of customer data exposure and the timing of management's awareness, and they intensified regulatory scrutiny in South Korea.

Market Reaction

Investors reacted as the facts surfaced. After the initial media coverage, Coupang's stock fell $1.51, or 5.36%, to close at $26.65 on December 1, 2025 on the NYSE. When The New York Times reported the South Korean unit head's resignation on December 10, the stock dropped another $0.87, or 3.2%, to close at $26.06. Selling intensified mid-December. On December 15, following news about the breach and former employee perpetrator access, the shares fell $1.30, or 5.07%, to close at $24.33, and slid a further $1.14, or 4.68%, to $23.19 on December 16. 

After Coupang filed its Form 8-K following the market close on December 16, the stock declined another $0.47, or 2.02%, to close at $22.72 on December 17, bringing cumulative declines to more than 10% and wiping out over $8 billion in market capitalization.

Next Steps

• Submissions for lead plaintiff are due: February 17, 2026.

• The Court will issue its order for lead plaintiff and counsel in the weeks after submissions are due.

• The Court will then consider motion for class certification.

• The Court will later consider a Motion to Dismiss.

To learn if you are eligible for recovery under the CPNG securities class action lawsuit, visit the case submission page here.

Disclaimer: This shareholder alert is for informational purposes only and does not constitute legal advice. Consult a qualified attorney for personalized guidance. No specific outcomes are guaranteed.