The Chinese coffee company has admitted that ... Should I Buy Luckin Coffee Stock? (Caixin) The financial fraud scandal at China’s largest coffee chain Luckin Coffee raised questions about the responsibilities of auditors of foreign companies listed on U.S. exchanges. The Chinese arm of EY, its auditor, reportedly confirmed the fraud to Luckin Coffee, but only after multiple reports by short-sellers such as Muddy Waters. Luckin Coffee a China-based rival to Starbucks said Thursday that it has launched an investigation into "fabricated sales" reports that could have totaled more than $300 million.
Muddy Waters has … The investigation into Luckin Coffee's financial numbers indicates that about RMB2.2 billion in sales was fabricated between the second and fourth quarters of 2019. Shares cratered more than 80% … Luckin Coffee Office Raided as China Regulators Probe Fraud at Starbucks Rival.
Luckin Coffee Inc. (NASDAQ: LK) has pioneered a technology-driven retail network to provide coffee and other products of high quality, high affordability, and high convenience to customers. Apr. Loan default follows sharp decline in Luckin Coffee’s share price after the Chinese coffee chain said much of its 2019 sales were fabricated. ... Luckin Coffee Inc. ... its advisors or the Company’s independent auditor, and is …
Luckin Coffee’s implosion has shattered the faith of some international investors when it comes to Chinese companies listed on the world’s biggest stock exchange.. ... or its independent auditor. Luckin Coffee NASDAQ:LK) stock tanked more than 80% (and is down 66% at the time of this writing) after the company revealed an investigation that essentially proved what Muddy Waters alleged months ago.Luckin Coffee admitted to inflating its sales numbers after an internal investigation.
Indeed, Luckin recently overtook Starbucks in terms of number of stores in China, and now operates over 4000 locations.
Luckin Coffee denied the allegations at the time. Still, its stock has fallen 33.4% year to date, before Thursday’s latest plunge, while the S&P 500 is down 23.2% for the period. That …
The latest Luckin Coffee Inc share price. Luckin Coffee disclosed that an internal investigation has found that its chief operating officer fabricated 2019 sales. Luckin's once $12 billion valuation is now around $650 million. ET on The Wall Street Journal The financial fraud scandal at China’s largest coffee chain Luckin Coffee raised questions about the responsibilities of auditors of foreign companies listed on U.S. exchanges.. Luckin Coffee’s shares plunged 76% Thursday, followed by a 16% drop to $5.38 Friday.