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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 Offering (“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.
— Reported By User January 23, 2021 3:32 PM