Buying Momentum Emerges After Internal Forensic Investigation Announcement
Government Urges Caution: "Not Officially Confirmed"
Coupang's stock price, which had been embroiled in a large-scale personal information leak controversy, rebounded sharply on the New York Stock Exchange immediately after the company disclosed the results of its internal investigation.
On the 26th (local time) at the New York Stock Exchange, Coupang Inc., the parent company of Coupang, closed at $24.27, up 6.45% from the previous trading day. During the session, the stock's intraday gain even exceeded double digits.
Coupang's stock price, which was embroiled in a large-scale personal information leak controversy, rebounded sharply on the New York Stock Exchange immediately after the company disclosed the results of its internal investigation.
The New York Stock Exchange had been closed the previous day for the Christmas holiday, and this was the first trading session since Coupang released the results of its internal investigation into the personal information leak incident. The market appears to have reflected expectations that the announcement could help resolve some of the uncertainty.
According to a statement released on the 25th (Korea Standard Time), Coupang explained that, based on forensic analysis, the company had identified a former employee involved in the customer information leak. The company stated that it had recovered all devices and storage media used by the employee to access and extract the information, and found no evidence that data had been transmitted externally.
The investigation also found that the employee deleted the stored information after learning about related media reports, and there was no indication that customer information had been transferred to a third party.
Following Coupang's announcement, investor sentiment shifted, with buying momentum emerging as the perception spread that the worst of the crisis had been averted. Previously, Coupang's stock price had remained weak for nearly a month after news of the personal information leak became public.
However, the government is taking a cautious stance toward Coupang's explanation. The relevant authorities stated, "The information disclosed by the company has not been officially confirmed in the ongoing joint investigation between the public and private sectors," adding, "We must wait for the results of the investigation."
As the impact of the personal information protection issue has not been fully resolved, the results of the ongoing investigation and any additional measures will be key factors influencing Coupang's stock price going forward.
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