INVESTOR ALERT: Kirby McInerney LLP Announces That a Class Action Lawsuit Has Been Filed Against Luckin Coffee Inc. & Encoura...
February 14 2020 - 07:55PM
Business Wire
The law firm of Kirby McInerney LLP announces that a class
action lawsuit has been filed in the U.S. District Court for the
Southern District of New York on behalf of those who acquired
Luckin Coffee Inc. (“Luckin” or the “Company”) (NASDAQ:LK)
securities during the period from November 13, 2019 through January
31, 2020. Investors have until April 13, 2020 to apply to the Court
to be appointed as lead plaintiff in the lawsuit.
The lawsuit alleges that Luckin failed to disclose that: (i)
certain of the Company’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; and (ii) Luckin’s financial results thus overstated the
Company’s financial health and were consequently unreliable.
On January 31, 2020, Muddy Waters Research published a report
alleging that Luckin “had evolved into a fraud by fabricating
financial and operating numbers starting in [the] 3rd quarter
2019.” Among other allegations, Muddy Waters claims that the
“[n]umber of items per store per day was inflated by at least 69%
in 2019 3Q and 88% in 2019 4Q” and that “Luckin inflated its net
selling price per item by at least RMB 1.23 or 12.3%.”
On this news, the price of Luckin ADRs fell $3.91, or 10.7%, to
close at $32.49 per ADR on January 31, 2020.
If you acquired Luckin securities, have information, or would
like to learn more about these claims, please contact Thomas W.
Elrod of Kirby McInerney LLP at 212-371-6600, by email at
investigations@kmllp.com, or by filling out this contact form, to
discuss your rights or interests with respect to these matters
without any cost to you.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm
concentrating in securities, antitrust, and whistleblower
litigation. The firm’s efforts on behalf of shareholders in
securities litigation have resulted in recoveries totaling billions
of dollars. Additional information about the firm can be found at
Kirby McInerney LLP’s website: www.kmllp.com.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
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version on businesswire.com: https://www.businesswire.com/news/home/20200214005532/en/
Kirby McInerney LLP Thomas W. Elrod, Esq. (212) 371-6600
investigations@kmllp.com www.kmllp.com
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