New York, Feb 11, 2026, 14:55 EST — Regular session
- Coupang shares slipped roughly 2.5% in afternoon trading, lagging behind a modestly stronger U.S. market
- Preliminary findings from South Korea’s probe highlight internal security failures and implicate a former employee
- More U.S. investors have stepped up arbitration efforts against Seoul, challenging its handling of the breach
Coupang Inc shares dropped roughly 2.5% on Wednesday, closing near $17.79. The U.S.-listed South Korean e-commerce giant took another hit following fallout from a customer data breach. During the session, the stock fluctuated between $17.65 and $18.36.
This shift is crucial because the breach has outgrown being a mere IT clean-up. Regulators in Seoul are holding corporate controls accountable, and investors are steering the conflict toward trade and legal battles.
Coupang also trailed a steadier tape on Wall Street, signaling the market sees the company’s issues as specific risks. The SPDR S&P 500 ETF rose roughly 0.2%, while the Invesco QQQ gained about 0.5%.
Three new investors — Abrams Capital, Durable Capital Partners, and Foxhaven — have joined Greenoaks and Altimeter in a legal battle accusing the South Korean government of unfair treatment of Coupang. They also said they had informed Seoul of their intent to pursue arbitration, a private dispute mechanism that can issue binding rulings. Greenoaks founder Neil Mehta claimed U.S. investors are “standing up for American companies,” amid rising U.S.-South Korea trade tensions and a U.S. House subpoena demanding Coupang’s communications with Seoul. Coupang, created by Bom Kim, is South Korea’s largest e-commerce platform, outpacing rivals like Shinsegae, and has diversified into food delivery and streaming services. 1
South Korea’s science ministry revealed on Tuesday that a former Coupang engineer exploited weaknesses in its user-authentication system from April to November, exposing personal data of roughly 33.7 million customers, including names and phone numbers. Deputy cybersecurity minister Choi Woo-hyuk described the incident as “more of a management problem than an advanced attack.” Officials said they plan to impose an administrative fine up to 30 million won ($20,596) for reporting the breach after the 24-hour deadline. Coupang responded, saying it would “take all necessary steps to prevent further harm” and noted that a software tool created by the ex-employee generated about 140 million queries, with no sign that any other party accessed or viewed the data. 2
Analysts are recalibrating amid changing legal conditions. Citigroup lowered its price target for Coupang to $24 from $27 on Feb. 10 but maintained a buy rating, Benzinga reports. 3
Still, this remains a moving target. The downside is clear: broader findings by investigators, new penalties, or a stronger political backlash could keep the stock suppressed, even if core demand remains steady.
Investors are keeping an eye on possible moves by Korean police and regulators, as well as any new developments linked to the cross-border dispute. In the U.S., Feb. 17 stands out as the deadline to apply for lead-plaintiff status in a securities class action, according to Levi & Korsinsky. 4
