What's Going On With Coupang Shares Friday?

Coupang, Inc. (NYSE:CPNG) shares are trading higher Friday after the company said its investigation into a former employee suspected of leaking customer data was conducted in close coordination with government authorities.

What To Know: Coupang said its probe into the suspected data leak was carried out under government direction and in coordination with authorities, countering speculation that the company handled the investigation independently. According to Yonhap News Agency, the government instructed Coupang on December 9 to contact the former employee at the center of the case.

The company said it turned over the employee's desktop hard drive and laptop to police on December 21 and submitted a detailed report of meetings with the suspect and all collected evidence to authorities on December 23. A day earlier, Coupang said forensic analysis identified the former employee as responsible for the breach, with the individual later confessing and explaining how the data was accessed.

Coupang said the suspect used stolen security keys to access basic customer information tied to nearly 34 million accounts, though data from only about 3,000 accounts was saved and later deleted.

Shares had fallen earlier this month after the company disclosed the breach, which affected approximately 33.7 million users and included names, email addresses, delivery locations, account details and some order data. South Korea's Personal Information Protection Commission has launched an investigation that could lead to fines of up to roughly $770 million.

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CPNG Price Action: At the time of writing, Coupang shares are trading 10.18% higher at $25.10, according to data from Benzinga Pro.

This illustration was generated using artificial intelligence via Midjourney.