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Below are the latest news stories about Luckin Coffee Inc that investors may wish to consider to help them evaluate LK as an investment opportunity.
The former CEO and COO, as well as several employees of the rapidly growing Chinese coffee company, were implicated in its accounting scandal.
The move by the troubled Beijing-based coffee chain comes follows a request by the majority of the directors based on a special committee's finding that the CEO and COO were involved in fabricating sales numbers. Luckin said the committee found that 2019 sales were inflated by 2.12 billion yuan ($300.1 million), and costs and expenses by 1.34 yuan billion ($189.7 million). Fortunes of Luckin, which directly competes with U.S.coffeehouse Starbucks, have nosedived since the probe was disclosed in April, ending up with the Nasdaq suspending the trading in its shares on Monday.
Luckin Coffee Inc. announced the "substantial completion" of the internal investigation into financial misconduct on Wednesday, finding that the company's 2019 annual revenue was inflated by about RMB 2.12 billion (approximately $300 million) spread across the second, third and fourth quarters. "Evidence discovered to date demonstrates that the company's former chief executive officer, Ms. Jenny Zhiya Qian, former chief operating officer, Mr. Jian Liu and certain employees reporting to them participated in the fabricated transactions and that the funds supporting the fabricated transactions were funneled to the company through a number of third parties associated with the company employees and/or related parties," Luckin said in a statement. Luckin previousl...
Luckin Coffee Inc. (the “Company”) (LKNCY) announced that its Special Committee of the Board of Directors (the “Special Committee”), with the assistance of its advisors, Kirkland & Ellis International LLP and FTI Consulting, has substantially completed its independent internal investigation (the “Internal Investigation”) into the issues disclosed in the press release issued by the Company on April 2, 2020. The Special Committee was formed on March 19, 2020 and authorized by the Board of Directors (the “Board”) to access documents, records and information of the Company, and to conduct interviews with any employee, officer and director, as the Special Committee deemed appropriate.
Luckin Coffee Inc. (NASDAQ: LK ) Chairman and board members are trying to oust each other in the aftermath of the accounting scandal, as revealed in multiple filings with the United States Securities and Exchange Commission. What Happened The Chinese coffee chain company's board of directors voted to require Chairman and Director Charles Zhengyao Lu to resign from his role, and a meeting will be … Full story available on Benzinga.com
New details have emerged about an anonymous short seller report on Chinese coffee chain Luckin Coffee Inc, including the potential author and the methods used, The Wall Street Journal reported.The Luckin Short Report: Multiple notable short sellers received an anonymous e-mail tip in January, noting "a new generation of Chinese Fraud 2.0 has emerged."The e-mail suggested Luckin Coffee is engaging in fraud and cited firsthand checks of more than 1,500 individuals at 15% of Luckin's more than 4,000 stores in China, WSJ reported. The anonymous short report concluded that Luckin inflated its sales figures after analyzing and compiling firsthand accounts, customer receipts and more than 11,000 hours of video.Luckin executives acknowledged the fraud and said it relied on a few c...
Luckin Coffee (LK) announces board meeting on July 2 to consider removal of Mr. Charles Zhengyao Lu, Chairman and Director based on internal investigation findings by the special committee.Shares up 1.5% after hours....
Source Luckin Coffee Inc.'s (LK) stock plummeted 54% on June 26 as news emerged that the stock would cease to be part of Nasdaq from June 29. This is my third and probably final update on this troubled Chinese coffee retailer that still promises to become the Starbucks (SBUX) of...
Luckin Coffee, le "Starbucks chinois", quitte la Bourse de New York
Yet another too good to be true online-to-offline venture took its latest step into oblivion this past week as Luckin Coffee decided not to resist its delisting from the NASDAQ exchange with the latest instalment in that tale leading Mingtiandi’s… Read More>> The post Luckin Coffee Set to Delist From NASDAQ and More Asia Real Estate Headlines appeared first on Mingtiandi .