Shareholder Alert: Robbins LLP Reminds Investors Luckin Coffee Inc. (LK) Sued for Misleading Shareholders
April 10 2020 - 4:01PM
Business Wire
Shareholder rights law firm Robbins LLP reminds investors that a
purchaser of Luckin Coffee Inc. (NASDAQ: LK) filed a class action
complaint against the Company for alleged violations of the
Securities Exchange Act of 1934 between November 13, 2019 and
January 31, 2020. Luckin Coffee engages in the retail sale of
freshly brewed drinks, and pre-made food and beverage items in the
People's Republic of China.
If you suffered a loss as a result of Luckin Coffee's
misconduct, click here.
Luckin Coffee Inc. (LK) Accused of Misleading
Shareholders
According to the complaint, on November 13, 2019, Luckin issue a
press release announcing its financial and operating results for
3Q19, which highlighted positive increases in average monthly total
items, total net revenues, and store level operating profit.
However, on January 31, 2020, Muddy Waters reported that Luckin had
fabricated several financial figures based on a review of thousands
of store videos and receipts. Then, on February 12, 2020, J
Capital, a China-focused investment research firm, published a
detailed report supporting the findings in the Muddy Waters Report.
These findings were finally confirmed by the Company on April 2,
2020, when Luckin disclosed that an internal investigation revealed
that its chief operating officer had fabricated 2019 sales by about
$310 million. Since this news the stock price has fallen
precipitously, currently trading at around $4.40 per share,
representing a 91% decline from its class period high of
$50.02 per share.
Luckin Coffee Inc. (LK) Shareholders Have Legal
Options
Contact us to learn more: Leo Kandinov (800) 350-6003
lkandinov@robbinsllp.com Shareholder Information Form
Robbins LLP is a nationally recognized leader in shareholder
rights law. The firm represents individual and institutional
investors in shareholder derivative and securities class action
lawsuits, and has helped its clients realize more than $1 billion
of value for themselves and the companies in which they have
invested. Click here to receive free alerts from Stock Watch when
companies engage in wrongdoing.
Attorney Advertising. Past results do not guarantee a similar
outcome.
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version on businesswire.com: https://www.businesswire.com/news/home/20200410005191/en/
Leo Kandinov Robbins LLP lkandinov@robbinsllp.com (619) 525-3990
or Toll Free (800) 350-6003 www.robbinsllp.com
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