Coupang (CPNG) Jumps on $410M Penalty Appeal

Coupang Inc. (NYSE:CPNG) is one of the 10 Stocks With Standout Gains.

Coupang saw its share prices jump by 5.25 percent on Tuesday to close at $18.03 apiece, as investors traded while awaiting updates on its appeal in relation to a $410 million penalty imposed by South Korea’s Personal Information Protection Commission over a data breach.

In a comment last week, Coupang Inc. (NYSE:CPNG) hinted at appealing the commission’s decision, while committing to strengthening its data protection system.

Photo by Sora Shimazaki on Pexels

“We regret that our proactive measures to prevent secondary harm from last year’s data leak incident, as well as our explanations based on clear facts, were not sufficiently reflected in the PIPC’s decision,” it said.

“We expect that the facts will be clearly established through legal procedures,” it noted.

PIPC’s penalty marked as the largest imposed penalty against a company so far, exceeding penalties for data breach slapped against SK Telecom and KT previously.

“This incident was caused not by sophisticated hacking techniques, but by Coupang’s inadequate basic security management system and negligence,” PIPC Chairwoman Kyung Hee Song was quoted as saying in an online briefing on the decision.

It is believed that the data breach had occurred as early as June last year, but was only uncovered five months later.

Coupang Inc. (NYSE:CPNG), often referred to as the Amazon of South Korea, is the largest e-commerce operation in the said republic, holding over a third of the country’s e-commerce market share.

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