BOSTON, MA / ACCESSWIRE / April 2, 2020 / Luckin Coffee, Inc. (NASDAQ:LK) announced that a special committee of the Board of Directors formed to investigate certain accounting transactions, indicated that Luckin's Chief Operating Officer and several employees engaged in misconduct including fabricating transactions. Investors who suffered losses on their purchases of Luckin securities are encouraged to contact Block & Leviton LLP (www.blockesq.com), a national securities litigation firm, working to recover those losses for investors. If you purchased Luckin securities between November 13, 2019 and April 1, 2020 you should contact Block & Leviton for a free case evaluation.
Luckin engages in the retail sale of freshly brewed drinks and pre-made food and beverage items in China. The Company operates pick-up stores, relax stores, and delivery kitchens under the Luckin brand, as well as Luckin mobile app, Weixin mini-program, and other third-party platforms that cover the customer purchase process.
Earlier today, Luckin announced that a special committee of its Board of Directors investigated certain accounting transactions and found Mr. Jian Liu, Luckin's COO and Board member, and several employees reporting to him, engaged in misconduct including "fabricating certain transactions." The special committee recommended the suspension of Mr. Liu and certain other employees. The special committee indicated that fabricated sales between the second and fourth quarters of 2019 amounted to around RMB 2.2 billion, or approximately $310 million US. On this news, Luckin's American depositary shares ("ADS") price plunged over 86%.
If you purchased or acquired shares of Luckin ADS and have questions about your legal rights or possess information relevant to this matter, please contact Block & Leviton attorneys at (617) 398-5600, or via email at [email protected] or [email protected], or at https://shareholder.law/luckin. Luckin investors who purchased or otherwise acquired Luckin securities between November 13, 2019 and April 1, 2020 may, no later than April 13, 2020, seek to be appointed as a lead plaintiff representative of the Class.
Block & Leviton LLP is a firm dedicated to representing investors and maintaining the integrity of the country's financial markets. The firm represents many of the nation's largest institutional investors as well as individual investors in securities litigation throughout the United States. The firm's lawyers have recovered billions of dollars for its clients.
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SOURCE: Block & Leviton LLP