Nasdaq tells Luckin Coffee of plans to delist the stock after sales fraud

Luckin said Tuesday that it plans to request a hearing before a Nasdaq panel.

The company disclosed on April 2 that an internal probe found that Jian Liu, its COO at the time, had fabricated 2019 sales by about 2.2 billion yuan. Reinout Schakel, chief financial officer of Luckin Coffee Inc., speaks during a television interview ahead of the company's initial public offering at the Nasdaq MarketSite in New York, on Friday, May 17, 2019.that it will delist the stock after the company disclosed that its former chief operating officer fabricated sales in 2019.The Chinese coffee chain will remain listed on the Nasdaq until the hearing panel decides an outcome.

The exchange told Luckin that it determined it would be delisted because of public interest concerns raised by the sales fraud disclosed in April and the company's "past failure to publicly disclose material information."The company disclosed on April 2 that an internal probe found that

The Chinese are lying about revenue & profits?!? Say it ain’t so Sally

Hopefully Chinese and all companies learn from Luckin. Thank the lord I exited my position in January with a nice profit.

What Chinese company will be next for fraud and delisting?

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Exclusive: Nasdaq to tighten listing rules, restricting Chinese IPOs - sourcesNasdaq Inc is set to unveil new restrictions on initial public offerings (IPOs), a move that will make it more difficult for some Chinese companies to debut on its stock exchange, people familiar with the matter said on Monday. Choose Crowd1 to work, the fastest growing network company and the best reward. 7 languages ​​to choose About time! The Chinese can't be trusted! I support tightening rules on frauds but no need to restrict all Chinese companies because frauds can happen in companies of any country such Enron of US which can be called the worst case.
Source: Reuters - 🏆 2. / 97 Read more »