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Coupang (CPNG) Scores Legal Victory as U.S. Judge Dismisses IPO Fraud Lawsuit
Coupang (CPNG) Scores Legal Victory as U.S. Judge Dismisses IPO Fraud Lawsuit
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BTCCSquare news:
South Korean e-commerce giant Coupang secured a decisive legal victory after a U.S. District Judge dismissed a shareholder lawsuit alleging fraud during its $4.6 billion IPO in March 2021. The case, led by New York City pension funds, claimed Coupang misled investors about workplace conditions and manipulated product reviews.
Judge Vernon Broderick ruled the plaintiffs failed to prove material misrepresentations by Coupang executives. The dismissal with prejudice bars future refiling of these claims. This outcome removes a significant legal overhang for the company often dubbed South Korea's answer to Amazon.
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