2 years ago
People wearing face masks walk by a Luckin Coffee store on June 29, 2020 in Yichang, Hubei Province of China. Liu Junfeng | VCG | Getty Images Luckin Coffee has agreed to pay a $180 million penalty to settle accounting fraud charges for “intentionally and materially” overstating its 2019 revenue […]
2 years ago
Luckin Coffee, the coffee chain dubbed as China’s Starbucks, has been asked by some shareholders to reverse some of its boardroom changes in July following the ouster of its co-founder and chairman, as Chinese regulators prepare to clamp down on accounting fraud. Hong Kong-based Centurium Capital is seeking to reinstate […]
2 years ago
BEIJING (Reuters) – Chinese regulators said they would penalise Luckin Coffee after confirming accounting fraud that has already forced the company to delist from the U.S. Nasdaq exchange. The Ministry of Finance, which began an investigation into Luckin Coffee (China) and Luckin Coffee (Beijing) in early May, found Luckin booked […]
