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

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