California<\/a>, claims Coupang, its CEO and Chairman Bom Kim and its Chief Financial Officer Gaurav Anand misled investors about the company\u2019s data security practices and failed to disclose the breach in a timely way.<\/p>\nCoupang, South Korea’s biggest online retailer, \u2060last month apologized over \u200cthe breach of personal information through unauthorized data access. In the aftermath, Park Dae-jun, chief executive of subsidiary Coupang Corp, \u200dresigned this month.<\/p>\n
The company, dubbed the Amazon.com of South Korea, previously said it would tighten security to prevent another data leak.<\/p>\n
Coupang did not immediately respond to a request \u200bfor comment, and neither did a lawyer representing the investor who \u200cfiled the lawsuit on December 18.<\/p>\n
Coupang, which operates globally, has offices in California and other U.S. cities. The company dominates South Korea\u2019s e-commerce market, providing same-day delivery, video streaming and food delivery. The breach has spurred investigations in South Korea.<\/p>\n
The lawsuit said Coupang discovered on November 18 that a former employee \u2060had retained access to internal systems for \u200bmonths, compromising customer names, email addresses, delivery \u200baddresses and some order histories. The company said the breach did not expose payment details or login credentials.<\/p>\n
Coupang failed to report \u200dthe breach under \u2060U.S. securities rules in a timely way, the lawsuit alleged.<\/p>\n
Coupang, according to the lawsuit, submitted U.S. regulatory filings that understated the company\u2019s vulnerability \u2060to cyberattacks and overstated its safeguards. The complaint is seeking damages for investors who purchased \u200cCoupang securities between August 6 and December 16.<\/p>\n
(Reporting by Mike Scarcella; \u200cEditing by David Bario, Rod Nickel)<\/p>\n","protected":false},"excerpt":{"rendered":"By Mike Scarcella WASHINGTON, Dec 22 (Reuters) – South Korean e-commerce company Coupang has been sued in a…\n","protected":false},"author":2,"featured_media":364337,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[27],"tags":[28,118599,179352,27752],"class_list":{"0":"post-364336","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business","8":"tag-business","9":"tag-coupang","10":"tag-cybersecurity-breach","11":"tag-south-korean"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/364336","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/comments?post=364336"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/364336\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media\/364337"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media?parent=364336"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/categories?post=364336"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/tags?post=364336"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}