NEW YORK, April 3, 2020 /PRNewswire/ -- Bernstein
Liebhard, a nationally acclaimed investor rights law firm,
announces that a securities class action complaint has been filed
on behalf of investors that (i) purchased or acquired the
securities of Luckin Coffee Inc. ("Luckin" or the "Company")
(NASDAQ: LK) from May 17, 2019
through April 2, 2020, inclusive (the
"Class Period"); (ii) in or traceable to the Company's public
offering of ADSs conducted on or around May
17, 2019 (the "IPO"); and/or (iii) in or traceable to the
Company's public offering of ADSs conducted on or around
January 10, 2020 (the "2020
Offering"). The lawsuit filed in the
United States District Court for the Eastern District of
New York alleges violations of the
Securities Exchange Act of 1934 and the Securities Act of 1933.
If you purchased Luckin securities, and/or would like to
discuss your legal rights and options please visit Luckin
Shareholder Class Action or contact Matthew
E. Guarnero toll free at (877) 779-1414 or
MGuarnero@bernlieb.com.
The Complaint alleges that throughout the Class Period,
Defendants made materially false and misleading statements
regarding the Company's business, operational and compliance
policies. Specifically, Defendants made false and/or misleading
statements and/or 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 January 31, 2020, Muddy Waters
Research published an anonymous report alleging that Luckin had
fabricated certain of the Company's financial performance metrics,
beginning in the third quarter of 2019 (3Q19) (the Muddy Waters
Report). The Muddy Waters Report purported to cite smoking gun
evidence, including, inter alia, thousands of hours of store video,
thousands of customer receipts, and diligent monitoring of the
Company's mobile application metrics, which allegedly showed that,
since 3Q19, Luckin had inflated its per-store per-day sales
figures, its net selling price per item, its advertising expenses,
and its revenue contribution from other products.
On this news, Luckin's American depositary share (ADS) price
fell $3.91 per share, or 10.74%, to
close at $32.49 per share on
January 31, 2020.
Then on April 2, 2020 Luckin
disclosed an internal investigation had found that millions of
dollars in sales were fabricated. On this news, Luckin ADSs fell
$19.80 per ADS or approximately 75.6%
to close at $6.40 per ADS on
April 2, 2020.
If you purchased LK securities, and/or would like to discuss
your legal rights and options please visit
https://www.bernlieb.com/cases/luckincoffeeinc-lk-shareholder-class-action-lawsuit-stock-fraud-251/apply or
contact Matthew E. Guarnero toll
free at (877) 779-1414 or MGuarnero@bernlieb.com.
If you wish to serve as lead plaintiff, you must move the Court
no later than April 13, 2020. A lead
plaintiff is a representative party acting on behalf of other class
members in directing the litigation. Your ability to share in any
recovery doesn't require that you serve as lead plaintiff. If you
choose to take no action, you may remain an absent class
member.
Since 1993, Bernstein Liebhard LLP has recovered over
$3.5 billion for its clients. In
addition to representing individual investors, the Firm has been
retained by some of the largest public and private pension funds in
the country to monitor their assets and pursue litigation on their
behalf. As a result of its success litigating hundreds of lawsuits
and class actions, the Firm has been named to The National
Law Journal's "Plaintiffs' Hot List" thirteen times and
listed in The Legal 500 for ten consecutive
years.
ATTORNEY ADVERTISING. © 2020 Bernstein Liebhard LLP. The law
firm responsible for this advertisement is Bernstein Liebhard LLP,
10 East 40th Street, New York, New
York 10016, (212) 779-1414. The lawyer responsible for this
advertisement in the State of
Connecticut is Michael S. Bigin. Prior results do not
guarantee or predict a similar outcome with respect to any future
matter.
Contact Information
Matthew E. Guarnero
Bernstein Liebhard LLP
https://www.bernlieb.com
(877) 779-1414
MGuarnero@bernlieb.com
View original content to download
multimedia:http://www.prnewswire.com/news-releases/lk-investor-announcement-bernstein-liebhard-llp-announces-that-a-securities-class-action-complaint-with-an-expanded-class-period-has-been-filed-against-against-luckin-coffee-inc-301034681.html
SOURCE Bernstein Liebhard LLP