Hagens Berman Launches Securities Investigations into Primo Brands and Coupang Following Operational Crises
New York, Thursday, 25 December 2025.
Legal scrutiny intensifies for shareholders as Hagens Berman announces investigations into Primo Brands (PRMB) and Coupang (CPNG) regarding potential securities law violations. The inquiry into Primo Brands follows a staggering 21% stock crash linked to concealed merger failures, directly contradicting prior assurances of a “flawless” integration with what new leadership now admits were “self-inflicted” disruptions. Concurrently, Coupang faces critical questions regarding a massive data breach affecting 33.7 million customers and the timing of its disclosure, highlighting significant governance risks and potential losses for investors in both entities.
Analyzing the Primo Brands Merger Fallout
The investigation into Primo Brands centers on the aftermath of its merger with BlueTriton Brands, a transaction previously touted as “flawless” by management but now under scrutiny for alleged misrepresentations [1]. Investors faced significant volatility when, on November 6, 2025, the company announced a reduction in its full-year adjusted EBITDA guidance and the replacement of its CEO [1]. This disclosure precipitated an immediate 21% crash in the company’s stock price [1]. This decline compounded investor concerns following an earlier 9% drop on August 7, 2025, which the company had attributed to “service issues” within its operations [1].
Operational Disconnect and Leadership Changes
Hagens Berman Partner Reed Kathrein has highlighted the stark contradiction between the company’s assurances of a seamless integration and the subsequent admission of “self-inflicted” disruptions [1]. The new leadership has acknowledged that these internal failures severely impacted the ReadyRefresh delivery business, citing breakdowns in technology, supply chain management, and customer service [1]. The class action lawsuit aims to represent investors who purchased shares between June 17, 2024, and November 6, 2025, arguing that the company concealed the severity of these post-merger operational crises [1].
Coupang’s Disclosure Timeline Under Review
Parallel to the Primo inquiry, Hagens Berman has filed a class action lawsuit, Barry v. Coupang, Inc., in the Northern District of California regarding a significant cybersecurity incident [2]. While Coupang detected a data breach affecting 33.7 million customers on November 18, 2025, the company did not file a confirming Form 8-K until December 16, 2025—a delay of 28 days between detection and the formal SEC filing [2]. Legal teams are now focused on whether this timeline violated SEC requirements regarding the timely reporting of material events [2].
Governance Risks and Market Impact
The fallout from the breach has been financially and operationally severe for the e-commerce giant. By November 30, 2025, reports indicated that Coupang’s market capitalization had eroded by over $8 billion [2]. The governance crisis escalated on December 10, 2025, when the CEO of the company’s South Korean e-commerce unit resigned amidst police raids on their Seoul offices [2]. The breach was reportedly executed by a former employee who had left the company in 2024 but allegedly retained access credentials, raising questions about the company’s internal security protocols [2].
Investor Recourse and Key Deadlines
Shareholders who incurred losses in either entity are facing critical deadlines for legal participation. For Primo Brands, the deadline to move the Court for appointment as lead plaintiff is January 12, 2026 [1]. Hagens Berman, a firm with a documented history of recovering hundreds of millions for investors—including a $245 million recovery in the Charles Schwab Securities Litigation—is currently advising whistleblowers and affected parties to evaluate their legal options [3]. The firm emphasizes that sound investment decisions rely on the full disclosure of accurate information, a standard allegedly unmet in these cases [3].