DJ Coffee’s for Closers: How a Short Seller’s Warning Helped Take Down Luckin Coffee By Jing Yang in Hong Kong, Juliet Chung in New York and Julie Steinberg in London In January, days after the shares of Luckin Coffee Inc. hit a record high on the Nasdaq Stock Market, giving the company a $12 billion valuation, a cryptic email arrived […]
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DJ Luckin Stock Tumbled Because It Decided to Stop Fighting Its Delisting — Barrons.com By Luisa Beltran Luckin Coffee, which is embroiled in an accounting scandal, said Friday that it no longer plans to fight the Nasdaq’s decision to delist the company, causing its stock to lose more than half its value. Luckin’s (Ticker: LK) American Depositary Shares will be
Luckin Stock Tumbled Because It Decided to Stop Fighting Its Delisting >> Read More
(Adds details on proposal to remove chairman) June 26 (Reuters) – Luckin Coffee Inc LK.O said on Friday its board had proposed to remove its chairman, Charles Zhengyao Lu, following an internal probe into the fabrication of the embattled coffee chain&aposs annual sales numbers. The China-based company&aposs stock closed 54% down on Friday after it said that its shares would
DJ Luckin Coffee Moves to Remove Chairman Charles Lu From Board By Maria Armental The board of embattled Chinese coffee chain Luckin Coffee Inc. is moving forward to remove Chairman Charles Lu but asked shareholders to vote against a proposal to remove Sean Shao from the board, citing concerns about potentially disrupting an internal investigation. A board meeting will be
Luckin Coffee Moves to Remove Chairman Charles Lu From Board >> Read More
DJ Luckin Coffee Drops Nasdaq Appeal. Shares To Be Delisted — Update By Jing Yang Embattled Chinese coffee chain Luckin Coffee Inc. said it no longer plans to appeal a decision by the Nasdaq Stock Market to delist its shares, effectively ending its one-year run as a U.S. publicly listed company. Luckin’s American Depositary Shares will be suspended from trading
Luckin Coffee Drops Nasdaq Appeal; Shares To Be Delisted >> Read More
(Corrects to say “suspended”, not “delisted”, in headline, paragraph 1) June 26 (Reuters) – Luckin Coffee Inc LK.O said on Friday Nasdaq Inc NDAQ.O notified the Chinese coffee chain that its shares would be suspended at the open on Monday. Luckin&aposs shares, which have lost more than 85% of their value since the company announced an internal investigation of some
Press Release: Luckin Coffee Announces Withdrawal of its Request for Nasdaq Hearing Luckin Coffee Announces Withdrawal of its Request for Nasdaq Hearing BEIJING, June 26, 2020 (GLOBE NEWSWIRE) — Luckin Coffee Inc. (the “Company”) (NASDAQ: LK) today announced the following: As previously disclosed, the Company received two written notices (the “Notices”) from the Listing Qualifications Staff (the “Listing Qualifications Staff”)
DJ Luckin Coffee Gets Nasdaq Delisting Notice for Not Filing Annual Report By Dave Sebastian Luckin Coffee Inc., the Chinese coffee company that admitted to faking sales numbers, said it received a delisting notice from Nasdaq on June 17 for not filing its 2019 annual report. The notice came after Nasdaq’s listing staff in May moved to delist the Xiamen,
Luckin Coffee Gets Nasdaq Delisting Notice for Not Filing Annual Report >> Read More
Press Release: Luckin Coffee Receives Delisting Notice from Nasdaq for Failure to File its Annual Report Luckin Coffee Receives Delisting Notice from Nasdaq for Failure to File its Annual Report BEIJING, June 23, 2020 (GLOBE NEWSWIRE) — Luckin Coffee Inc. (the “Company”) (NASDAQ: LK) today announced that on June 17, 2020, it received an additional written notice (the “Notice”) from
Luckin Coffee Hasn’t Been Able to File Annual Report Due COVID >> Read More
DJ Luckin Coffee to Hold Special Meeting to Vote on Ousting Chairman, Directors By Dave Sebastian Luckin Coffee Inc. will hold an extraordinary general meeting July 5 to vote on whether to oust several directors, including Chairman Charles Lu, as the company deals with the aftermath of its admission that it faked sales figures. Shareholders will decide on resolutions to
Luckin Coffee to Hold Special Meeting to Vote on Ousting Chairman, Directors >> Read More
DJ Luckin Coffee: Member of Internal Investigation Committee Has Resigned By Dave Sebastian Luckin Coffee Inc., the Chinese coffee company that later admitted to revenue fabrication, said a director who had been tapped to help oversee an internal investigation has resigned after serving for less than three months. Tianruo Pu resigned due to personal reasons, Luckin said Friday. Mr. Pu
Luckin Coffee: Member of Internal Investigation Committee Has Resigned >> Read More
Press Release: Luckin Coffee Received Notification from Mr. Tianruo Pu of his Resignation as an Independent Director Luckin Coffee Received Notification from Mr. Tianruo Pu of his Resignation as an Independent Director BEIJING, June 19, 2020 (GLOBE NEWSWIRE) — Luckin Coffee Inc. (the “Company”) (NASDAQ: LK) today announced the following: The Company received a letter of resignation dated June 16,
DJ Behind the Fall of China’s Luckin Coffee: a Network of Fake Buyers and a Fictitious Employee By Jing Yang China’s upstart Luckin Coffee Inc. grew at a blinding pace. It opened stores faster than Starbucks Corp., doubled its valuation to $12 billion eight months after going public and pleased its big-name investors in the U.S. Then, on April 2,
(Reuters) – Shares in Luckin Coffee Inc slumped almost 40% to a record low in premarket trade on Wednesday, as they resumed trading after more than a month’s halt and a day after the Chinese coffee chain said it received a delisting notice from Nasdaq . Luckin Coffee said on Tuesday that Nasdaq had notified the company of plans to
Nasdaq has proposed new rules to make it more difficult for some Chinese firms to list on its stock exchange. Its proposals would mean companies from certain nations would have to raise at least $25m (£14.4m) or a quarter of their post-listing valuation to list. Tougher accounting rules will also apply for listings, which are called Initial Public Offerings (IPOs).
Nasdaq to tighten rules amid concerns over Chinese firms >> Read More
MW Nasdaq plans to toughen rules that could make it harder for Chinese companies to list on its exchange: report Nasdaq Inc. [: NDAQ] plans to impose stricter regulation that may make it harder for some Chinese companies to list on its platform, Reuters reported (https://www.reuters.com/article/us-nasdaq-china-listings-exclusive/exclusive-nasdaq-to-tighten-listing-rules-restricting-chinese-ipos-sources-idUSKBN22V01Q) late Monday. Among the new rules, Nasdaq would require companies from some countries to
Luckin Coffee ( NASDAQ :LK) has fired its CEO and COO after conducting an investigation into inflated sales numbers, according to CNBC. Shares of Luckin Coffee were halted on April 7. They last swapped hands at $4.39 per share. Click to subscribe to real-time analytics on LK Now read: GreenSky slides 8.6% post Q1 results »
Press Release: Luckin Coffee Announces Changes to Board of Directors and Senior Management Luckin Coffee Announces Changes to Board of Directors and Senior Management BEIJING, May 12, 2020 (GLOBE NEWSWIRE) — Luckin Coffee Inc. (the “Company”) (NASDAQ: LK), today announced changes to its Board of Directors (“Board”) and senior management, effective May 11, 2020. During its ongoing internal investigation (the
Last week, we got to see how COVID-19 is impacting earnings from perhaps the two major players in fast-casual:Starbucks Corporation ( NASDAQ: SBUX ) and McDonald’s ( NYSE: MCD ).Starbucks’ coffee-to-go strategy is making it ‘to-go place’ during the lockdown. By targeting the upper-scale of the coffee market, competing on comfort and amenities rather than speed and convenience, which is
The Worst Is Yet to Come for Starbucks, But They’re Providing A Path Forward >> Read More
April 29 (Reuters) – Luckin Coffee Inc said on Wednesday it would not file its annual financial report on time as it was dealing with investigations into hundreds of millions of dollars worth of fabricated sales. China’s top market regulator and securities watchdog are scrutinizing the company’s books, after Luckin said an internal investigation had shown its chief operating officer and other employees fabricated sales deals
Luckin Coffee delays annual filing amid accounting probes >> Read More
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