12:25 PM EDT, 06/13/2024 (MT Newswires) -- (Updates with company statement in fourth and fifth paragraphs)

Coupang ( CPNG ) was slapped on Thursday with a fine of 140 billion won ($102 million) by South Korea's antitrust agency for allegedly engaging in unfair product promotion practices, multiple Korean news outlets reported.

The Korea Fair Trade Commission also ordered Coupang ( CPNG ) and its subsidiary, Coupang Private Label Brands, to take corrective measures while referring both companies to prosecutors for further investigation, the reports said, citing an announcement by the agency.

The e-commerce giant was accused of manipulating algorithms in promoting its private-label products on its platform to boost sales and mobilizing employees to write positive reviews about the products, the reports said.

In a statement to MT Newswires, Coupang ( CPNG ) said it would go to court to appeal against the decision.

"We do not believe that our practices are deceptive or violate any Korean laws, and we will vigorously appeal the KFTC's determination in court," the company said.

The FTC did not immediately reply to MT Newswires' request for comment.

Shares of Coupang ( CPNG ) fell more than 4% in recent Thursday trading.

Price: 21.73, Change: -0.96, Percent Change: -4.23