Luckin, a major rival to Starbucks in China, revealed in April that much of its 2019 sales of about 2.2 billion yuan ($310.77 million) were fabricated by its COO and other employees, who had been suspended while the company carried out its investigation. Jenny Zhiya Qian and Jian Liu, who were CEO and COO respectively, will also exit the company’s board. Meanwhile, Luckin’s chairman, Charles Zhengyao Lu, and Qian handed over shares in the coffee chain to lenders after a company controlled by Lu’s family defaulted on a $518 million margin loan. …read more
Source:: Yahoo Finance
