PHILADELPHIA, April 2, 2020 /PRNewswire/ -- Kehoe Law
Firm, P.C. is making investors aware that on April 2, 2020, Lucking Coffee Inc. ("Luckin
Coffee" or the "Company") (NASDAQ: LK) disclosed that the
Company's Special Committee overseeing an internal
investigation reported ". . . 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." [Emphasis added.]
On this news, Luckin shares dropped more than 80% in
pre-market trading, thereby injuring LK investors.
Luckin Coffee investors should be aware that a class action
lawsuit already has been filed against Luckin Coffee and certain of
its officers for securities fraud. The lead
plaintiff deadline is April 13,
2020.
Luckin Coffee Investors who purchased, or otherwise acquired,
Luckin Coffee shares between November 13,
2019 and April 1, 2020, both
dates inclusive, are encouraged to contact either Michael Yarnoff, Esq., (215) 792-6676, Ext.
804, myarnoff@kehoelawfirm.com, info@kehoelawfirm.com,
or John Kehoe, Esq., (215) 792-6676,
Ext. 801, jkehoe@kehoelawfirm.com, to discuss the
securities investigation or potential legal claims.
Luckin Coffee also disclosed that "[t]he information identified
at this preliminary stage of the Internal Investigation indicates
that the aggregate sales amount associated with the fabricated
transactions from the second quarter of 2019 to the fourth quarter
of 2019 amount to around RMB2.2
billion. Certain costs and expenses were also
substantially inflated by fabricated transactions during this
period."
Additionally, Luckin Coffee stated that ". . .
investors should no longer rely upon the Company's previous
financial statements and earning releases for the nine months ended
September 30, 2019 and the two
quarters starting April 1, 2019 and
ended September 30, 2019, including
the prior guidance on net revenues from products for the fourth
quarter of 2019, and other communications relating to these
consolidated financial statements."
Luckin Coffee investors who purchased, or otherwise acquired,
LK securities and suffered losses are encouraged to contact either
Michael Yarnoff, Esq., (215)
792-6676, Ext.
804, myarnoff@kehoelawfirm.com, info@kehoelawfirm.com,
or John Kehoe, Esq., (215) 792-6676,
Ext. 801, jkehoe@kehoelawfirm.com, to
discuss the securities investigation or potential legal claims.
Kehoe Law Firm, P.C., with offices in New York and Philadelphia, is a multidisciplinary,
plaintiff–side law firm dedicated to protecting investors from
securities fraud, breaches of fiduciary duties, and corporate
misconduct. Combined, the partners at Kehoe Law Firm have
served as Lead Counsel or Co-Lead Counsel in cases that have
recovered more than $10 billion on
behalf of institutional and individual investors.
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SOURCE Kehoe Law Firm, P.C.