Coupang may be penalized by US SEC over inadequate disclosure

Coupang, Korea’s largest e-commerce retailer, may face sanctions from the U.S. Securities and Exchange Commission (SEC) for failing to properly inform investors about its recent massive data breach, market observers said Wednesday. Although its sales mostly come from Korea, Coupang is classified as a U.S. company because it is wholly owned by Coupang Inc., which is headquartered in Seattle, Washington. Coupang Inc. is also listed on Nasdaq. The speculation follows recent revelations that the information of 33.7 million customers has been leaked, allegedly by a former employee, from June through November. The SEC’s mandate includes enforcing the disclosure of business information that could influence a company’s share price. “Under these circumstances, the SEC has sufficient grounds to penalize Coupang for failing to comply with the commission’s cybersecurity disclosure rules concerning the massive data leak,” Jung Eui-jung, head of the Korean Stockholders’ Alliance, said. “Such noncompliance may be met with strict regulatory action, as it could adversely impact the intereWeiter zum vollständigen Artikel bei Korea Times Weiter zum vollständigen Artikel bei Korea Times