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2021-10-26

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Luckin Coffee reaches $175 million class action settlement over accounting fraud

Luckin Coffee Inc(LC0Ay.MU), shareholders asked a U.S. judge to approve a $175 million settlement of

Luckin Coffee reaches $175 million class action settlement over accounting fraud

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Its U.S.-based lawyer did not immediately respond on Tuesday to requests for comment.</p>\n<p>Founded in 2017, the Xiamen, China-based company ended March with about 5,000 stores.</p>\n<p>Shareholders sued Luckin in February 2020, two weeks after short-seller Muddy Waters Research accused it of inflating revenue.</p>\n<p>Two months later, Luckin's share price sank 81% after the company said an internal probe found that its chief operating officer and other staff fabricated about $310 million of sales in 2019, or about 40% of annual sales projected by analysts.</p>\n<p>Luckin agreed last December to pay a $180 million fine to settle U.S. Securities and Exchange Commission&nbsp;accounting fraud&nbsp;civil charges.</p>\n<p>The SEC said Luckin raised more than $864 million from equity and debt investors while the fraud was taking place.</p>\n<p>Monday's settlement requires approval by U.S. District Judge John Cronan in Manhattan, and by a Cayman Islands court.</p>\n<p>The shareholders were led by Swedish pension fund Sjunde AP-Fonden and the Louisiana Sheriffs’ Pension &amp; Relief Fund.</p>\n<p>Their lawyers, led by Kessler Topaz Meltzer &amp; Check and Bernstein Litowitz Berger &amp; Grossmann, may seek fees of up to 25% of the settlement fund.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Luckin Coffee reaches $175 million class action settlement over accounting fraud</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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Its U.S.-based lawyer did not immediately respond on Tuesday to requests for comment.\nFounded in 2017, the Xiamen, China-based company ended March with about 5,000 stores.\nShareholders sued Luckin in February 2020, two weeks after short-seller Muddy Waters Research accused it of inflating revenue.\nTwo months later, Luckin's share price sank 81% after the company said an internal probe found that its chief operating officer and other staff fabricated about $310 million of sales in 2019, or about 40% of annual sales projected by analysts.\nLuckin agreed last December to pay a $180 million fine to settle U.S. Securities and Exchange Commission accounting fraud civil charges.\nThe SEC said Luckin raised more than $864 million from equity and debt investors while the fraud was taking place.\nMonday's settlement requires approval by U.S. District Judge John Cronan in Manhattan, and by a Cayman Islands court.\nThe shareholders were led by Swedish pension fund Sjunde AP-Fonden and the Louisiana Sheriffs’ Pension & Relief Fund.\nTheir lawyers, led by Kessler Topaz Meltzer & Check and Bernstein Litowitz Berger & Grossmann, may seek fees of up to 25% of the settlement fund.","news_type":1,"symbols_score_info":{"LKNCY":0.9}},"isVote":1,"tweetType":1,"viewCount":2358,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":3,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"hasMoreComment":false,"orderType":2}

Luckin Coffee reaches $175 million class action settlement over accounting fraud

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