“Starbucks of China” down almost 70% on Thursday on fraud claims [Yahoo! Finance News]
Luckin Coffee Inc. (LK)
Last luckin coffee inc. earnings: 11/13 06:00 am
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Source: Yahoo! Finance News
Luckin Coffee NASDAQ:LKMuddy Waters alleged months agoLuckin Coffee reveals investigationIn apress release filed with the Securities and Exchange Commission[caption id="attachment_574469" align="aligncenter" width="400"] WAYHOME studio/Shutterstock.com[/caption]The special committee consists of three independent board members. The committee retained independent legal advisors and forensic accountants to conduct the investigation into Luckin Coffee's sales. The probe is still in the early stages.The special committee told the board today that Chief Operating Officer Jian Liu and several employees "engaged in certain misconduct, including fabricating certain transactions." The alleged misconduct started during the second quarter of 2019. The special committee recommended that Liu and the other employees be suspended and called for the suspension and termination of "contracts and dealings with the parties involved in the identified fabricated transactions."The board accepted the committe
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