New York, Feb 11, 2026, 14:55 EST — Regular session
- Coupang shares down about 2.5% in afternoon trade, underperforming a slightly firmer U.S. market
- South Korea’s initial probe findings point to internal security lapses and a former employee
- More U.S. investors joined an arbitration push against Seoul over its response to the breach
Coupang Inc shares fell about 2.5% on Wednesday, last trading at $17.79, as the U.S.-listed South Korean e-commerce group absorbed another round of fallout tied to a customer data breach. The stock has traded between $17.65 and $18.36 in the session.
The move matters now because the breach is no longer just a clean-up job for IT teams. Regulators in Seoul are putting responsibility on corporate controls, while investors are trying to push the dispute into the trade and legal arena.
Coupang was also lagging a steadier tape on Wall Street, a sign that the market is treating the story as a company-specific risk. The SPDR S&P 500 ETF was up about 0.2% and the Invesco QQQ was ahead about 0.5%.
Three more investors — Abrams Capital, Durable Capital Partners and Foxhaven — joined Greenoaks and Altimeter in a legal challenge accusing the South Korean government of discriminatory treatment of Coupang, and said they had notified Seoul to pursue arbitration, a private dispute process that can lead to binding awards. Greenoaks founder Neil Mehta said U.S. investors were “standing up for American companies,” as the episode fed into wider U.S.-South Korea trade tension and drew a U.S. House subpoena seeking communications between Coupang and Seoul. Coupang, founded by Bom Kim, is South Korea’s biggest e-commerce platform, ahead of local rivals such as Shinsegae, and has expanded into services including food delivery and streaming. (Reuters)
South Korea’s science ministry said on Tuesday a former Coupang engineer exploited flaws in its user-authentication system from April to November, exposing personal data of about 33.7 million customers, including names and phone numbers. Deputy cyber security minister Choi Woo-hyuk called it “more of a management problem than an advanced attack,” and officials said they planned an administrative fine of up to 30 million won ($20,596) for reporting the breach after the 24-hour deadline. Coupang said it would “take all necessary steps to prevent further harm” and said a software program written by the former employee generated around 140 million queries, with no evidence another party accessed or viewed the data. (Reuters)
Analysts have been adjusting to the shifting legal backdrop. Citigroup cut its price target on Coupang to $24 from $27 on Feb. 10 while keeping a buy rating, according to Benzinga. (Benzinga)
But this is still a moving target. The downside case is simple: a wider finding by investigators, fresh penalties, or a sharper political response could keep the stock pinned even if core demand holds up.
Investors are watching for further steps from Korean police and regulators and any new actions tied to the cross-border dispute. In the U.S., a near-term date on the calendar is Feb. 17, the deadline to seek lead-plaintiff status in a securities class action, Levi & Korsinsky said. (Prnewswire)
