Reported: Luckin Coffee LKNCY (Company)
Compiled by ScamMarketCap from public recordsHappened Apr 2, 2020China
Luckin Coffee, a Chinese coffee chain listed on Nasdaq in May 2019, said on 2 April 2020 that its chief operating officer and staff reporting to him had fabricated about 2.2 billion yuan ($310 million) of 2019 sales. Its shares lost more than three-quarters of their value that day, and Nasdaq delisted the company in July 2020.
In December 2020 Luckin agreed, without admitting or denying the allegations, to pay a $180 million penalty to settle SEC charges that it had invented more than $300 million in retail sales between April 2019 and January 2020. China's market regulator also penalized the company in September 2020.
Luckin, which denied wrongdoing, paid $175 million to settle a class action by investors who bought its US-listed shares between May 2019 and July 2020; a US court approved the deal in July 2022. The SEC allowed the penalty to be offset by payments to security holders under Luckin's restructuring. Its shares have traded over the counter in the US since 2020.
This case file is compiled from public records and established reporting. Status as of the last update, Nov 1, 2026.
Case files summarize court records, regulator actions and established reporting.
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