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Luckin Coffee crashes 85% after admitting ’Fabricating $300 Million In Sales’

Luckin Coffee crashes 85% after admitting ’Fabricating $300 Million In Sales’

Luckin Coffee says its special committee today brought to the attention of the board information indicating that COO Jian Liu and several employees engaged in certain misconduct, including fabricating certain transactions, starting 2Q last year. CNBC’s David Faber estimates the total ’fake’ revenue was around $310 million and thereafter the shares crashed 85% in early trading.

Milan
Milan
michael
michael 6 months

guess they were just following the leadership of the country. how much of the stock market is from garbage like this? how is this different from stock buybacks?

Eric Leija
Eric Leija 6 months

Gee another Chinese company lying? Imagine that...

El3phantInTheRoom
El3phantInTheRoom 6 months

@michael, how do you consider a stock buy back and defrauding investors by lying on your financial statments equivalent?

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