The latest reason cited by the Nasdaq is in addition to the two bases disclosed last month – public concerns raised by the fabricated transactions and the company’s failure to disclose material information. The Chinese company, which competes with U.S. coffeehouse Starbucks, said the failure to file its annual report was due to delays caused by the COVID-19 pandemic and as it awaits the result of the internal probe. Luckin’s shares have plunged more than 85% since April since the internal probe was announced and has resulted in the company defaulting on a loan secured by pledging millions …read more
Source:: Yahoo Finance
