Coupang Faces Securities Lawsuits Over Data Breach

Coupang, a major e-commerce company, is facing multiple class-action securities lawsuits from investors who suffered losses due to alleged securities fraud. The lawsuits claim Coupang failed to disclose a massive data breach that affected nearly 33 million customer accounts and had inadequate cybersecurity protocols. The breach, carried out by a former employee, went undetected for almost six months. Interim CEO Harold Rogers is under investigation by the South Korea===Seoul Metropolitan Police Agency for obstruction of justice, obstruction of business, and evidence destruction related to the company's internal probe. He is also accused of perjury before parliament. The incident has led to a $1.2 billion compensation plan, the resignation of former CEO Park Dae-joon, and has become a point of contention in trade relations between South Korea and the United States, with the latter expressing concerns about potential discrimination against American tech firms and suggesting retaliatory tariffs.