Investor Alert: Luckin Coffee Plunges On Accounting Misconduct
NEW YORK, April 2, 2020 /PRNewswire/ -- Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) is investigating claims on behalf of investors of Luckin Coffee Inc. ("Luckin Coffee" or the "Company") (NASDAQ: LK). A complaint has been filed against the Company on behalf of investors that purchased Luckin Coffee securities, including Luckin Coffee American Depositary Receipts ("ADRs").
On April 2, 2020, Luckin Coffee announced that the Company's Board of Directors has formed a Special Committee to conduct an Internal Investigation into accounting issues as a result of misconduct by employees, including that Jian Liu, the Company's Chief Operating Officer and a Director of the Company, had fabricated certain transactions from the second quarter of 2019 to the fourth quarter of 2019. Information identified during the preliminary stage of the internal investigation indicates that the aggregate sales amount associated with the fabricated transactions is RM2.2 billion, although this figure has not yet been verified by the Special Committee. Further, the Company disclosed that investors should no longer rely upon the Company's previously issued financial statements and earnings releases for the nine months ended September 30, 2019, as well as the interim quarters.
Following this news, Luckin Coffee shares plummeted by more than 80% in midday trading on April 2, 2020.
If you purchased Luckin Coffee securities, you may move the court no later than April 13, 2020 to serve as a lead plaintiff for the purported class. You need not seek to become a lead plaintiff in order to share in any possible recovery. If you would like to discuss the complaint or our investigation, please contact us by emailing [email protected] or by calling 646-315-9003.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Kaplan Fox & Kilsheimer LLP, with offices in New York, San Francisco, Los Angeles, Chicago and New Jersey, has many years of experience in prosecuting investor class actions. For more information about Kaplan Fox & Kilsheimer LLP, you may visit our website at www.kaplanfox.com. If you have any questions about this Notice, your rights, or your interests, please contact:
Frederic S. Fox
KAPLAN FOX & KILSHEIMER LLP
850 Third Avenue, 14th Floor
New York, New York 10022
(646) 315-9003
E-mail: [email protected]
Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
1999 Harrison Street, Suite 1560
Oakland, California 94612
(415) 772-4704
E-mail: [email protected]
SOURCE Kaplan Fox & Kilsheimer LLP
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