Why Luckin Coffee Stock Surged 50% Tuesday

From: fool.com

Shares of Luckin Coffee (NASDAQ:LK) soared on Tuesday, following heavy losses in recent days. As of 3:30 p.m. EDT, Luckin’s stock was up more than 50%.

Even after today’s gains, Luckin Coffee’s stock is still down more than 95% from the highs it reached in January. The Chinese coffeehouse chain’s brutal decline came after it said on April 2 that members of its leadership team had fabricated as much as $300 million in sales transactions.

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