crated as much as 45% on Wednesday after a weeks-long trading halt on the stock was lifted.
Luckin stock was originally halted on April 7 after it announced that senior executives fabricated as much as 2.2 billion yuan in sales last year. The company recently fired its CEO and chief operating officer, citing fraud.from the Nasdaq exchange. The exchange's staff cited"public interest concerns" surrounding the accounting discrepancies, as well as past failure to disclose critical information, for its delisting recommendation.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Business Business Latest News, Business Business Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Nasdaq tells Luckin Coffee of plans to delist the stock after sales fraudThe Nasdaq Exchange has told Luckin Coffee that it will delist the stock after the company disclosed that its former chief operating officer fabricated sales in 2019. What Chinese company will be next for fraud and delisting? Hopefully Chinese and all companies learn from Luckin. Thank the lord I exited my position in January with a nice profit.
Source: CNBC - 🏆 12. / 72 Read more »
Luckin scandal ripple effect prompts chairman-backed firm to seek cash: sourcesA company linked to China's scandal-hit Luckin Coffee Inc is seeking fresh capital, sources said, highlighting the ripple effect of Luckin's fabricated transactions as the chairman of both firms scrambles to avoid a cash crunch. How about selling those real estate for liquidity? Oops they are using bankruptcy to escape payment and make investors pay for their lamborghini again huh. Eg. Vancouver.
Source: Reuters - 🏆 2. / 97 Read more »