(Bloomberg) — Luckin Coffee Inc. plunged as much as 81% on Thursday after the company said its board is investigating reports that senior executives and employees fabricated transactions.The company’s announcement that Chief Operating Officer Jian Liu and several employees reporting to him engaged in misconduct casts doubt on the foundations of the Chinese coffee chain’s meteoric rise and its emergence as a key competitor to Starbucks Corp.Liu and others have been suspended and investors shouldn’t rely on previous financial statements for the nine months ended Sept. 30, the company said. The transactions in question occurred last year and totaled about …read more
Source:: Yahoo Finance
