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Luckin Coffee Lawsuits

January 23, 2021 4:13 PM

Investors who have suffered losses on Luckin Coffee investments have potential legal claims under U.S. securities laws. Investors who purchased Luckin Coffee ADSs may be able to sue Luckin Coffee, the directors of Luckin Coffee, the Company’s auditor and the underwriters of Luckin Coffee to recover their losses.

Investors who have suffered losses on their purchases of Luckin Coffee ADSs may have strong legal claims under the U.S. securities laws because, Luckin Coffee has now admitted that its 2019 sales were fabricated by senior officers of the Company;

Apart from Luckin Coffee itself, other persons may be potentially liable, including underwriters of Luckin Coffee’s IPO and SO, and Luckin Coffee’s auditors.

Reported By SafelyHQ.com User

Related Reports

January 23, 2021 3:32 PM

“Luckin Coffee is a coffee retailer founded in 2017 based in Xiamen, the People’s Republic of China. Luckin Coffee owns and operates stores selling food and beverages, as well as a mobile application for food and beverage purchases.

On May 17, 2019, Luckin Coffee conducted an Initial Public Offer... See Moreing (“IPO”) of its ADSs.

On January 31, 2020, Muddy Waters Research published a report stating that Luckin Coffee had fabricated portions of its financial statements beginning in the third quarter of 2019, citing “smoking gun evidence” such as thousands of hours of store video, customer receipts, and monitoring of the Company’s mobile application data. On this news, the price of Luckin Coffee ADSs fell from $36.40 per share on January 30, 2020, to $32.49 per share on January 31, 2020.

On February 3, 2020, Luckin issued a press release denying Muddy Waters’s allegations. The Company “categorically denie[d] all allegations in the [Muddy Waters] Report” and assured investors that the “methodology of the Report is flawed, the evidence is unsubstantiated, and the allegations are unsupported speculations and malicious interpretations of events.”

On April 2, 2020, contrary to its previous denials, Luckin Coffee disclosed that it had conducted an internal investigation and had found that Luckin Coffee’s Chief Operating Officer Jian Liu and several of his direct reports had fabricated over $300 million of sales beginning in the second quarter of 2019. On this news, the price of Luckin Coffee ADSs fell from $26.20 per share on April 1, 2020 to $6.40 per share on April 2, 2020 – a decline of over 75%.

Luckin Coffee ADSs have now been delisted from trading on the NASDAQ.
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Reported By SafelyHQ.com User

January 23, 2021 5:18 PM

“I lost $240k on Luckin Coffee, all my life savings. Now I'm broke af. I believed luckin was growing strong and becoming the next asia starbucks. I didn't know they could cheat on balance sheet, and had no idea about VIE structure and that a company can just fail in 3 months. From Nov to Jan did a 30... See More0% gain. I was just late to the party and entered at the wrong time, and played really badly.... I learned the lesson the hard way and I'm gonna just invest in etfs, gold and bonds for the rest of my hopefully long but quite useless life.

Source: Reddit
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Reported By SafelyHQ.com User

January 23, 2021 5:23 PM

“I got in December (2019) where I was really excited about the stock. I planned to hold it long term and keep adding. I also hold SBUX. Even after the Muddy Waters report and Coronavirus drove the stock down, I held and was still optimistic the stock would hold weight. But the minute the news broke t... See Morehe COO was accused of fraud and inflating revenue numbers I dumped it as soon as markets opened. It’s a shame because I really liked the business model and coffee is growing hype in China. I took an 80% loss on the sale but I’m not sorry for it one bit. It’s not worth my time and money to suffer the fallout of company leaders lying to shareholders and regulatory agencies.

Source: Reddit
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Reported By SafelyHQ.com User
Covid-19 Vaccine Experience Notifications

January 26, 2021 5:57 PM

“Went all in on Luckin Coffee last year. That was a mistake.

Source: twitter.com/ See Less
Reported By SafelyHQ.com User

January 26, 2021 6:20 PM

“I'm $2k invested as well on robinhood and don't know the probability of them getting relisted on nasdaq again. At this point I'm researching what the options are and what is the best decision to take.

Source: reddit.com See Less
Reported By SafelyHQ.com User

January 26, 2021 8:40 PM

“I lost money on luckin coffee . They need to make it right . They need to refund investor

Source: twitter.com See Less
Reported By SafelyHQ.com User

January 26, 2021 8:40 PM

“I got burnt from Chinese stocks. Luckin coffee Thumbs down

Source: twitter.com See Less
Reported By SafelyHQ.com User

January 26, 2021 8:42 PM

“I did lose, Luckin Coffee was a lesson learnt. I didn't understand coffee, but invested. Then decided, I do understand tech and should stay away from coffee stocks. $SBUX replaced with $AYX. $TD replaced with $TTD and so on. All this in April.

Source: twitter.com See Less
Reported By SafelyHQ.com User

January 26, 2021 8:43 PM

“I had a limit order to buy at $20/share and it filled me during the drop and I rode it all the way down. Screw me

Source: www.reddit.com See Less
Reported By SafelyHQ.com User