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Luckin coffee fraud falsified starbucks
Posted inHeavy Hitters

Luckin agrees to $180 million fine for US fraud

by Emma Lee Dec 18, 2020Dec 18, 2020

Luckin Coffee has agreed to pay a $180 million penalty to settle accounting fraud charges brought by the US market regulator.

Customers of Luckin Coffee wait in line to place their order at the counter in Pudong, Shanghai on April 4, 2019. (Image Credit: TechNode/Eugene Tang)
Posted inOn the Cusp

INSIGHTS | Luckin—out of luck

by David Cohen and Emma Lee Apr 6, 2020Apr 27, 2020

The Olympics may have been delayed, but we saw a gold medal dive from Luckin Coffee’s shares. Its fraud is a cautionary tale—but about what?

Luckin coffee fraud falsified starbucks
Posted inOn the Cusp

Luckin and affiliates fined $9 million, more penalties may come

by Emma Lee Sep 23, 2020Sep 23, 2020

Luckin and its partners may receive more fines amid continuing investigations by regulators and investors at home and abroad.

luckin coffee starbucks vending machine fraud privacy apps
Posted inOn the Cusp

Luckin names new chairman and CEO in power shakeup

by Emma Lee Jul 14, 2020Jul 14, 2020

Chinese beverage chain Luckin Coffee replaced founder and former chairman Charles Lu with its acting CEO, Guo Jinyi.

Luckin coffee fraud falsified starbucks
Posted inHeavy Hitters

Luckin Coffee admits to sales fraud

by Emma Lee Apr 3, 2020May 2, 2020

Luckin confirms sales fraud, two months after doubts about the disclosure accuracy by the Chinese Starbucks rival.

luckin coffee starbucks fraud misconduct false sales
Posted inOn the Cusp

Luckin shares plunge 12% on second delisting warning

by Emma Lee Jun 24, 2020Jun 24, 2020

Embattled coffee chain Luckin disclosed that it had received a second delisting notice from Nasdaq, less than a month after the first.

luckin coffee starbucks fraud misconduct false sales
Posted inHeavy Hitters

Luckin faces effort to delist company from Nasdaq

by John Artman May 19, 2020May 19, 2020

Luckin may be kicked off Nasdaq over fraud admission as board seeks to rein in shady listings. Delisting would put Luckin in the company of penny stocks.

luckin coffee starbucks fraud misconduct false sales
Posted inWith Chinese Characteristics

Luckin fraud may be out of Chinese regulator’s reach

by Wei Sheng Apr 3, 2020Apr 16, 2020

Under the revised Securities Law of China, regulators may have some ability to investigate Luckin, which disclosed wide-scale sales revenue fraud.

Luckin Coffee fraud starbucks
Posted inHeavy Hitters

China’s top regulators are investigating Luckin Coffee

by Emma Lee Apr 28, 2020Apr 28, 2020

The astounding fraud admission from beverage chain Luckin has put more US-listed Chinese companies in regulator and short-seller crosshairs.

Luckin Coffee fraud starbucks
Posted inOn the Cusp

Luckin apologizes to staff after month-long fraud tumult 

by Emma Lee May 13, 2020May 13, 2020

Luckin apologized to its employees for the upheaval following its fraud admission in early April, and on the same day removed its CEO and COO.

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