PHILADELPHIA, April 2, 2020 /PRNewswire/ -- Kaskela Law LLC
announces that a shareholder class action lawsuit has been filed
against Luckin Coffee Inc. ("Luckin Coffee" or the "Company")
(NASDAQ: LK) on behalf of investors who purchased shares of the
company's stock between November 13,
2019 and January 31, 2020,
inclusive (the "Class Period").
Investors who purchased shares of Luckin Coffee during
January 2020 at a price of
$42 per share are encouraged to
contact Kaskela Law LLC (D. Seamus Kaskela,
Esq.) at (484) 258 – 1585, or via email at
skaskela@kaskelalaw.com, to discuss this action and their legal
rights and options. Additional information may also be found
at http://kaskelalaw.com/case/luckin-coffee-inc/.
According to the complaint, defendants issued a series of false
and misleading statements to investors during the Class Period, and
failed to disclose that: (i) certain of Luckin's financial
performance metrics, including per-store per-day sales, net selling
price per item, advertising expenses, and revenue contribution from
"other products" were inflated; (ii) Luckin's financial results
thus overstated the Company's financial health and were
consequently unreliable; and (iii) as a result, the Company's
public statements were materially false and misleading at all
relevant times.
On April 2, 2020, Luckin Coffee
disclosed that its Board of Directors had formed a Special
Committee "to oversee an internal investigation," and that the
Special Committee has "brought to the attention of the Board
information indicating that, beginning in the second quarter of
2019, Mr. Jian Liu, the chief
operating officer and a director of the Company, and several
employees reporting to him, had engaged in certain misconduct,
including fabricating certain transactions." Following this
news, shares of Luckin Coffee's securities significantly declined
in value.
IMPORTANT DEADLINE: Investors who purchased
Luckin Coffee's securities during the Class Period may, no
later than April 13, 2020,
seek to be appointed as a lead plaintiff representative in the
action.
For additional information about this action please contact
Kaskela Law LLC. Kaskela Law LLC exclusively represents
investors in securities fraud, corporate governance, and merger
& acquisition litigation. For additional information
about Kaskela Law LLC please visit www.kaskelalaw.com.
CONTACT:
D. Seamus Kaskela, Esq.
KASKELA LAW LLC
18 Campus Boulevard, Suite 100
Newtown Square, PA 19073
(484) 258 – 1585
(888) 715 – 1740
www.kaskelalaw.com
skaskela@kaskelalaw.com
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SOURCE Kaskela Law LLC