Wolf Popper LLP Announces Investigation on Behalf of Investors in Luckin Coffee Inc.
NEW YORK, April 2, 2020 /PRNewswire/ -- Wolf Popper LLP is investigating potential securities fraud claims on behalf of purchasers of Luckin Coffee Inc. (NASDAQ: LK) ADRs.
Before the market opened on April 2, 2020, Luckin Coffee Inc. disclosed that it had formed a Special Committee to oversee an internal investigation of issues brought to the Board of Director's attention during the Company's 2019 audit. The Special Committee has advised the Board, according to its investigation, that beginning in the second quarter of 2019, Mr. Jian Liu, Luckin's Chief Operating Officer and a Director of Luckin, as well as several employees reporting to Mr. Liu, "engaged in certain misconduct, including fabricating certain transactions." The false transactions in the second through fourth quarters of 2019 are believed to amount to approximately RMB2.2 billion (or $310 million) and certain costs and expenses were also substantially inflated. Luckin said investors should no longer rely upon its previous financial statements and earnings releases for the nine months ended September 30, 2019 and the two quarters starting April 1, 2019 and ended September 30, 2019.
On the morning of April 2, 2020, Luckin's ADR price has fallen $18.48 per ADR to $7.73, or down 70.5%.
Luckin investors should contact Joshua Ruthizer at (212) 451-9668 or (877) 370-7703 or at [email protected].
Wolf Popper has successfully recovered billions of dollars for defrauded investors. Wolf Popper's reputation and expertise have been repeatedly recognized by the courts, which have appointed the firm to major positions in securities litigation. For more information about Wolf Popper, please visit the Firm's website at www.wolfpopper.com.
Attorney Advertising: Prior Results Do Not Guarantee A Similar Outcome.
Wolf Popper LLP
Joshua W. Ruthizer
845 Third Avenue
New York, NY 10022
Tel.: (212) 451-9668
Tel.: (877) 370-7703
Fax: (877) 370-7704
Email: [email protected]
SOURCE Wolf Popper LLP
Related Links
WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?
Newsrooms &
Influencers
Digital Media
Outlets
Journalists
Opted In
Share this article