South Korean e-commerce company Coupang has been sued in a U.S. court in an investor class action alleging violations of securities laws after a cybersecurity breach exposed personal information of more than 33 million customers.
The lawsuit, filed last week in federal court in California, claims Coupang, its CEO and Chairman Bom Kim and its Chief Financial Officer Gaurav Anand misled investors about the company’s data security practices and failed to disclose the breach in a timely way.
Coupang, South Korea’s biggest online retailer, last month apologized over the breach of personal information through unauthorized data access. In the aftermath, Park Dae-jun, chief executive of subsidiary Coupang Corp, resigned this month.
The company, dubbed the Amazon.com of South Korea, previously said it would tighten security to prevent another data leak.