Luckin Coffee shares sunk 70 per cent earlier this month after the company disclosed that its chief operating officer may have faked US$310 million worth of sales in 2019. BEIJING: Luckin Coffee, a Starbucks competitor in China, said on Tuesday it has been asked by NASDAQ to delist from the US stock exchange following a massive fraud scandal that has shaken the company.
The board fired chief executive Jenny Zhiya Qian and Liu last week after an internal investigation into the fabricated transactions. NASDAQ also cited the firm's"past failure to publicly disclose material information, citing a business model through which the previously disclosed fabricated transactions were executed", the statement said.Luckin Coffee said it plans to appeal to a NASDAQ hearings panel and will remain on the stock exchange pending a ruling.
China company again.
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