The company's shares have slumped this month since it revealed $310m in fabricated transactions. Luckin Coffee has fired its chief executive officer (CEO) and chief operating officer (COO) after new evidence surfaced regarding an accounting scandal at the company. Previously, Luckin had reported sales of $410 million during the first nine months of the year. It turns out that the figure was inflated by $310 million.

New Details Emerge In Luckin Coffee Accounting Scandal More news surfaced today on the extent of Luckin's wrongdoing. Luckin Coffee (LK ) was down 75% as an internal investigation revealed that the company's COO, Jian Liu had inflated sales for the past year. Luckin Coffee fired its CEO after the Chinese homegrown rival to Starbucks was found to have fabricated sales. But yesterday, Luckin Coffee admitted to a real humdinger. In early 2020, Luckin Coffee was delisted from the NASDAQ stock exchange after the CEO admitted to inflating accounting figures in the company’s 2019 earning reports.
The company's shares have slumped this month since it revealed $310m in fabricated transactions. New Details Emerge In Luckin Coffee Accounting Scandal More news surfaced today on the extent of Luckin's wrongdoing. Luckin Coffee, once acclaimed as Starbucks’ biggest rival in the Chinese coffee market, was charged with fabricating sales revenues in 2019.

It is apparently not enough for Luckin Coffee to conduct an internal investigation over Chief Operating Officer Jian Liu's inflating of the company's sales figures. The Chinese coffee chain said its COO and several other employees fabricated 2019 sales numbers . China's Luckin Coffee has sacked two of its top bosses after new evidence came to light about an accounting scandal. It’s not even some novel new product in entertainment services.

Not a revolutionary tech innovation that will change the way we live. Bradley Freeman (TMFmarketnerd) May 28, 2020 at 4:22PM Author Bio. Not some blockbuster new drug. Bradley Freeman (TMFmarketnerd) May 28, 2020 at 4:22PM Author Bio.
At the end of the day, Luckin Coffee’s business is coffee. They’ve been suspended, and the company plans to bring legal action.

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