As fallout from Coupang's massive data breach widens, more U.S. law firms are investigating potential securities law violations. The incident exposed personal data of tens of millions of users, leading to stock declines and executive resignations. Investor scrutiny is intensifying amid questions over transparency.
The fallout from Coupang's data breach continues to escalate, with several U.S. law firms now conducting probes into possible federal securities law violations. Over the past week, at least three firms—Rosen Law Firm, Bronstein Gewirtz and Grossman LLC, and Kaplan Fox and Kilsheimer LLP, all based in New York—issued notices urging shareholders to contact them. These investigations examine whether Coupang's recent disclosures misled investors, contributing to stock losses amid the breach and related leadership shifts.
The timeline highlights sharp market reactions. In late November, Coupang disclosed a data incident impacting thousands of customers, causing shares to drop about 3%. Days later, it revealed the breach affected tens of millions of accounts, with unauthorized access to delivery-related personal information occurring via overseas servers since June 24; the stock fell more than 5% the next trading day. An early December report of the resignation of Coupang's Korean operations head, linked to the incident, triggered another decline exceeding 3%.
The breach exposed sensitive user data, sparking consumer lawsuits in Korea. For U.S. investors, it raises fresh concerns about the company's governance and disclosure practices. While no formal lawsuits have been filed yet, the surge in preliminary reviews signals mounting market pressure on Coupang in the coming weeks.
