Luckin Coffee shares fall 81% after board suspends COO for alleged ‘fabricated transactions’

Luckin Coffee shares fall 81% after board suspends COO for alleged ‘fabricated transactions’

Luckin Coffee (LK) shares collapsed after the company suspended its COO Jian Liu and “several employees reporting to him” for misconduct related to “fabricated transactions.” The stock opened on Thursday at $4.91, down 81% from Wednesday’s closing price of $26.20. “The information identified at this preliminary stage of the Internal Investigation indicates that the aggregate […]