The following is excerpted from an article that originally appeared on CapitalWatch Most of us know the story of Luckin Coffee (Pink: LKNCY). In a nutshell, the company was supposed to be the “Starbucks of China” giving the American coffee giant a run for its money on the Mainland. The Beijing-based company launched in 2017 and quickly grew its stores and pick-up locations to rival Starbucks Corporation (NASDAQ: SBUX) in China. The stock exploded in popularity. And then, it just exploded.First, reports emerged in January that Luckin had fabricated its financial data, an allegation which the company, of course, denied. …read more
Source:: Yahoo Finance
