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Scott+Scott Attorneys at Law LLP Investigates Luckin Coffee Inc.'s Directors and Officers for Breach of Fiduciary Duties – LKNCY

Press release content from Business Wire. The AP news staff was not involved in its creation.
Scott+Scott Attorneys at Law LLP Investigates Luckin Coffee Inc.’s Directors and Officers for Breach of Fiduciary Duties – LKNCY
January 21, 2021 GMT
NEW YORK (BUSINESS WIRE) Jan 21, 2021
Scott+Scott Attorneys at Law LLP (“Scott+Scott”), an international securities and consumer rights litigation firm, is investigating whether certain directors and officers of Luckin Coffee Inc. (“Luckin”) (OTC: LKNCY) breached their fiduciary duties to Luckin and its shareholders.
If you are a Luckin shareholder, you may contact attorney Joe Pettigrew for additional information toll-free at 844-818-6982 or jpettigrew@scott-scott.com. ....

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China's Luckin Coffee to pay $180m penalty to settle accounting fraud charges

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Luckin Coffee to pay $180M for accounting fraud

By Jaclyn Jaeger2020-12-17T19:44:00+00:00
China-based Luckin Coffee has agreed to a $180 million penalty as part of a settlement with the U.S. Securities and Exchange Commission to resolve charges related to the coffee chain’s inflated-sales scandal.
From at least April 2019 through January 2020, Luckin intentionally fabricated approximately $311 million in retail sales transactions “in an effort to falsely appear to achieve rapid growth and increased profitability and to meet the company’s earnings estimates,” according to the SEC’s complaint, filed Wednesday in the Southern District of New York.
Certain executive officers and senior managers at Luckin attempted to conceal the fraud by inflating the company’s expenses by more than $190 million, creating a fake operations database, and altering accounting and bank records to hide the misconduct from the company’s finance department and others, the complaint states. ....

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Luckin Coffee to Pay $180 Million Penalty to Settle Accounting Fraud Charges: US SEC

Luckin Coffee to Pay $180 Million Penalty to Settle Accounting Fraud Charges: US SEC
China-based startup Luckin Coffee Inc. has agreed to pay a $180 million penalty to settle accounting fraud charges for “intentionally and materially” overstating its 2019 revenue and understating a net loss, U.S. regulators said on Wednesday.
The U.S. Securities and Commission (SEC) fine on the China-based rival to Starbucks comes after it said earlier this year that much of its 2019 sales were fabricated, sending its shares plunging and sparking an investigation by China’s securities regulator and the SEC.
The SEC said it found that Luckin “intentionally and materially overstated its reported revenue and expenses and materially understated its net loss in its publicly disclosed financial statements in 2019.” ....

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