Luckin Coffee Receives Formal Delisting Notice From Nasdaq; Shares Resume Plunge

From: thestreet.com

Luckin Coffee Inc.  (LK) – Get Report said Tuesday that it has received a formal delisting notice from the Nasdaq as the China-based rival to Starbucks  (SBUX) – Get Report continues to suffer the fallout from its multi-million dollar ‘fake sales’ scandal.

Luckin said the notice, which was received on June 17, was linked to its inability to file an annual report for its 2019 financial year, which the company put down to the complexities of the global coronavirus pandemic and its own investigation into fraud claims linked to an April 2 admission that around RMB2.2 billion ($310 million) may have been fabricated in a scheme linked to its former COO.

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