Luckin Coffee Stock Collapses After News of Fake Data
Shares of Luckin Coffee Inc. sank over 80 percent after the company said one of its top managers and other employees had faked sales figures. The fast-growing Chinese coffee chain has suspended its chief operating officer Liu Jian and staff reporting to him.The decision came
Luckin Coffee,which has been described as a challenger to Starbucks,was one of China's few successful U.S. stock market listing last year. Founded in 2017,it was listed on the NASDAQ last May.It had set up some 4,500 stores in more than 40 cities across China by the end of 2019. Most of these stores are small "pick-up"stations
The Xiamen-based company said its own investigation had found that its fabricated sales figures,
Luckin also said that it still needed to look into other costs and expenses that were considerably inflated during the same period. The company added that it is assessing the overall financial impact of the misconduct on its financial statements. At the same time, Luckin warned investors that they
The 89-page anonymous report was sent to the high-profile investment firm Muddy Waters Research,which published it on January 31.The report alleged that Luckin had fabricated financial and operating figures from the third quarter of last year. At the time,Luckin strongly denied the allegations, describing them as "misleading and false."
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