REUTERS/Jason Lee
The preliminary investigation found that almost half of the company's roughly $732 million in sales last year had been fabricated by Luckin COO Jian Liu. Visit Business Insider's homepage for more storiesLuckin Coffee fabricated hundreds of millions of dollars worth of coffee orders last year, according to an internal investigation.
Based on its falsified financials, Luckin Coffee was expected to generate $732 million in sales in 2019, according toIn other words, the fabricated transactions appear to have made up almost half of the chain's sales in 2019.
Not so Luckin now...Luckin’s not even a real word!
..is there a class action lawsuit against Luckin? Asking for a friend
Sorry but why isnt the CFO mentioned ? The CFO has ultimate responsibility. A CFO a chartered accountant or CPA. They can overrule a CEO or quit as its the law. CFO needs to see some chains & I think we will hear the truth. It's impossible the board did not know or was unaware.
Fake fake fake
sam99061414 All is fake in 🇨🇳
BidenBeatsTrump
$lk not the only one lies about their financing, look at wll what their board members done before they file bankruptcy few days ago.!! Dont you think he chinese are learing from the Americans?
Well that was dumb .
Nickel_ore Surprise? Not ChinaLies There is a saying....nothing is real in China but fraud AnywherebutChina
What’s not fake from China is the WuhanVirus
Not surprised. And that’s how China’s GDP comes from.
Chinese ppl are now very proud of this company as it managed to deceive Amercians and robbed their money. It is national pride ! Information from forums in china. This is how most Chinese think.
the only fucking not fake stuff made in China is Chinese virus!
There’re only fakes that are real in China
Something affiliated with China lied… What a surprise
2049 strategy at work
China is a country full of demons.
CC themotleyfool
Lol
Now for the next round of stock market loses. Discovering all the China companies have been cooking their books. 👨🍳 📚
But yeah, Huawei is a totally legit company and stuff👍
China at his best...
Look up fake movie theater ticket sales in China (recent Terminator movie). The country has awful regulation. Number reporting out of there might as well be Enron standards.
Who would have thought a Chinese Company would fake their numbers 🤣 The Big Short Sequel.
Stop buying chinese! They are all liars.
It's not just China it happens here too. Business ethics are in question everywhere
So what's new? If its Chinese, expect it.
Check out this Apteo workspace with Luckin Coffee data. Past 7 Q's: * Cumulative sales 3.8B vs EBIT -3.4B * of stores grew +13x, sales/store +9x, customers/store +4x * Sales/customer grew +2.3x while items per trip +75% LuckinCoffee $LK $SBUX fraud
Time to introduce the Chinese to SOX
What china lied. That hasn't happened in *checks watch* seconds
That name though...something's fishy...🤔😆
“I am shocked, shocked that gambling is going on in my establishment!”
Me Chinese, me play joke...
Surprise?
First time hearing of Luckin
More lies out of China? You don't say...
Someone tell me who their auditor is pls
Perhaps they should stop giving fortune cookies with each cup of coffee?
Well when your government is completely unaccountable to the people, they can do anything they want. Case and point, the CCP.
China ALWAYS lies.
Classic China
safiranand Coffee prices will fall...
The Chinese are on a roll lol
Sounds familiar Trump TrumpAdministration Corrupt Numbnuts
And yet the SEC isn’t holding Chinese companies trading on USA exchanges, taking USA investor money, to the same audit standards as USA companies? Will this help change SEC policy on enforcement? DSjuggerud JamesGRickards Jkylebass robert_spalding
Lololo
They are still learning. Give them time they will become like US companies, 'take loss', book 'one time expenses', pay CEOs, and find a way to nicely hide the same BS. Can explain how health care sector as making Trillions while it turned out hospitals do not have masks!!!!
Oh, Jian?
What else is new...
I’m sure Xi is all smiles and congratulating the COO. “Great work!”
imagine my shock to hear China lied about something
No wonder I never trust the creative accounting. Who the hell was the audit company ensuring the data was correct? They should be held accountable too
If you buy anything from China you are stupid. This includes stocks, products, information, food, medicine anything. As a world we must move past China and isolate them just like NK.
Juicy story
Pretty sure citron was bullish on this one 😉 CitronResearch
A Chinese company lying and covering stuff up? I can’t believe it.
Poor
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