Coupang shares rose 5.25 percent on Tuesday to close at $18.03 as investors awaited updates on its appeal of a $410 million penalty imposed by South Korea's Personal Information Protection Commission over a data breach. The company said last week that it regretted its proactive measures and explanations were not sufficiently reflected in the commission's decision, and it expects facts to be clearly established through legal procedures. The penalty is the largest ever imposed by the commission, exceeding previous fines against SK Telecom and KT. The commission's chairwoman stated the incident was caused by Coupang's inadequate basic security management and negligence, with the breach believed to have started as early as June last year but uncovered five months later.
Coupang LLCCoupang hints at appealing a $410M data-breach penalty, which investors view as positive because it may reduce or avoid the fine.