Coupang Inc. investors can’t proceed with a suit alleging the South Korean online retailer failed to disclose several types of unflattering business practices during and after its initial public offering, a federal court ruled Wednesday.
None of the statements targeted in the investors’ proposed class action were “actionably misleading,” Judge Vernon S. Broderick said for the US District Court for the Southern District of New York. He dismissed the suit without a chance to re-plead.
The consolidated suit stems from Coupang’s March 2021 IPO, the largest in the US by a foreign company since Alibaba Group Holding Ltd.
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