Luckin Coffee Fires CEO Amid ‘Fake Sales’ Scandal Probe At Starbucks Rival

From: thestreet.com

Luckin Coffee Inc.  (LK) – Get Report, the China-based rival to Starbucks  (SBUX) – Get Report,  fired its CEO Tuesday as it attempts to weather multiple probes into allegations that it fabricated more than $300 million in sales last year.

Luckin said CEO Jenny Zhiya Qian, as well as chief operating officer Jian Liu have left the company after its internal investigation “has brought to the attention of the Board evidence that sheds more light on the fabricated transactions” the company detailed in early April.

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