Luckin Coffee’s alleged fraud has some silver linings (and even more bad news too) [TechCrunch Blog]
Luckin Coffee Inc. (LK)
Last luckin coffee inc. earnings: 11/13 06:00 am
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Source: TechCrunch Blog
Chinese coffee chain super-brand Luckin Coffee has been in the spotlight the past week after the company revealed in an SEC filing that it has undertaken an internal investigation into analleged $300 million fraud on the part of its former COOLuckin Coffee’s board initiates investigation into $300M potential fraudThe bad news is continuing to multiply. The stock is down another 15% today as investors continue to comprehend the company’s disclosure and its positioning in the competitive Chinese coffee market, where the company displacedStarbucksaccording to Yahoo FinanceThat massive decline is putting massive pressure on banks that extended loans to buy the stock on margin. We learned this morning from Jing Yang at the Wall Street Journal that astructured loan to one of the company’s executives could lead to losses of upwards of $100 millionOn Monday, Goldman Sachs Group Inc. said a group of lenders is putting 76.3 million of Luckin’s American depositary shares up for sale, after an en
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