FILE PHOTO: A cup of 'Luckin Coffee,' coffee is displayed during the company's IPO at the Nasdaq Market site in New York, U.S., May 17, 2019. REUTERS/Brendan McDermid/File Photo
Shares of Luckin, which competes in China with Starbucks Corp , sank as much as 81% on Thursday in New York after it said the investigation had found that fabricated sales from the second quarter of 2019 to the fourth were about 2.2 billion yuan . China’s securities regulator said on Friday it would investigate claims of fraud at Luckin Coffee and sources said some of the banks involved in the Chinese chain’s successful U.S. IPO last year were reviewing their work in the listing.
I've never understood why anyone would buy Luckin Coffee. Their coffee is horrible. And nowadays they try to force you to download their app to buy their coffee.
What can I say? It's China.
Nice ✅🚀
trust or buy any product from China at your own peril. Their products are inferior and their reputation is now mud.
The regulators must start a comprehensive inspection towards all Chinese companies to protect investors
China? Chinese business? Fraud?
this message brought to you by an industry plagued by child labor. Meanwhile that seems to be the newest marketing pitch. The only kids I still don't want to hear sell me something are the ones at St. Judes hospital. They shouldn't be having a fucking bake sale. Fund em now.