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Coupang | 8-K: Coupang Does Not Believe That Its Practices Are Fraudulent or Violate Any Korean Law and Will Vigorously Defend the Kftc's Judgement in Court

SEC announcement ·  Jun 15 04:00
Summary by Futu AI
On June 12, 2024, Coupang, Inc., a company listed on the New York Stock Exchange under the trading symbol CPNG, reported a significant regulatory development in a Form 8-K filed with the United States Securities and Exchange Commission. The Korea Fair Trade Commission (KFTC) has concluded its investigation into Coupang's search ordering practices, deeming them deceptive and in violation of Korean law. The KFTC has proposed a provisional administrative fine and is directing the company to implement corrective measures. Coupang, Inc. has expressed disagreement with the KFTC's findings, asserting that its practices are neither deceptive nor illegal, and has announced its intention to appeal the decision in court.
On June 12, 2024, Coupang, Inc., a company listed on the New York Stock Exchange under the trading symbol CPNG, reported a significant regulatory development in a Form 8-K filed with the United States Securities and Exchange Commission. The Korea Fair Trade Commission (KFTC) has concluded its investigation into Coupang's search ordering practices, deeming them deceptive and in violation of Korean law. The KFTC has proposed a provisional administrative fine and is directing the company to implement corrective measures. Coupang, Inc. has expressed disagreement with the KFTC's findings, asserting that its practices are neither deceptive nor illegal, and has announced its intention to appeal the decision in court.
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