BOSTON, MA / ACCESSWIRE / April 9, 2020 / Investors who purchased Luckin Coffee (NASDAQ:LK) securities from May 17, 2019 through April 2, 2020 may apply now to be a lead plaintiff in an expanded class-action lawsuit filed on behalf of Luckin ADS investors. Investors who wish to protect their rights by seeking to be a lead plaintiff should visit https://www.tenlaw.com/cases/LK to submit their information. Shareholders may also contact Thornton Law Firm at [email protected], or call 617-531-3917.
The lawsuit seeks to recover money on behalf of all Luckin investors who purchased ADS between May 17, 2019 and April 2, 2020. Investors anywhere in the world may participate in the lawsuit.
The deadline for LK ADS investors to submit lead plaintiff applications is April 13, 2020. There is no minimum number of shares required to be a class member, and investors do not need to apply to be a lead plaintiff to be a member of the class.
FOR MORE INFORMATION, VISIT: https://www.tenlaw.com/cases/LK
On April 2, 2020, Luckin announced that it was suspending its Chief Operating Officer and several other employees for misconduct related to the fabrication of sales or transactions. In a press release, Luckin announced that it was forming a special committee of the Board of Directors to oversee an internal investigation into certain issues raised to the Board's attention during the audit of the consolidated financial statements for the fiscal year ended December 31, 2019.
The Company's press release stated: "The information identified at this preliminary stage of the Internal Investigation indicates that the aggregate sales amount associated with the fabricated transactions from the second quarter of 2019 to the fourth quarter of 2019 amount to around RMB 2.2 billion. Certain costs and expenses were also substantially inflated by fabricated transactions during this period." The Company also stated: "As a result, investors should no longer rely upon the Company's previous financial statements and earning releases for the nine months ended September 30, 2019 and the two quarters starting April 1, 2019 and ended September 30, 2019…."
Luckin Coffee investors who purchased LK ADS between May 17, 2019 and April 2, 2020 are encouraged to visit https://www.tenlaw.com/cases/LK. Shareholders may also contact Thornton Law Firm at [email protected], or call 617-531-3917.
FOR MORE INFORMATION: https://www.tenlaw.com/cases/LK
Thornton Law Firm's securities attorneys are highly experienced in representing individual shareholders and institutional investors in recovering damages caused by violations of the securities laws. Its attorneys have established track records litigating securities cases in courts throughout the country and recovering losses on behalf of shareholders. This may be considered Attorney Advertising in some jurisdictions. Prior results do not guarantee or predict a similar outcome with respect to any future matter.
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www.tenlaw.com/cases/LK
SOURCE: Thornton Law Firm LLP