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MarketScreener Homepage  >  Equities  >  Nasdaq  >  Luckin Coffee Inc.    LKNCY

LUCKIN COFFEE INC.

(LKNCY)
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Luckin Coffee : facing steep fine

09/22/2020 | 10:41am EST

Chinese-based Luckin Coffee, a pioneer in self-service coffee machines in addition to being a coffee shop chain, is one of 43 companies facing a $9 million fine in connection with falsifying financial records and misleading the public, according to Nasdaq.

China's finance ministry found earlier this year that Luckin, which has been Starbucks' top competitor in China over the past couple of years, had reported 2.25 billion yuan of sales through fake coupons from April 2019 to the end of 2019. The investigation, which resulted in Lukcin's desliting from New York's Nasdaq and the firing of several executives, also found that the coffee chain had inflated other figures including revenue, costs and profit.

Luckin, which was founded in 2017, did not respond to FastCasuals' request for comment.

Copyright © 2020 Networld Media. All rights reserved., source Industry News

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Last Close Price 10,34 
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Managers and Directors
NameTitle
Jin Yi Guo Chairman, Chief Executive Officer & Senior VP
Reinout Hendrik Schakel Chief Financial & Strategy Officer
Wen Bao Cao Director
Yuen Chong Wai Independent Director
Gang Wu Director
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