Luckin Coffee Chairman Reportedly Ousted As Internal Probe Finds Wrongdoing

From: msn.com

Luckin Coffee Inc. (OTC: LKNCY) Chairman Charles Zhengyao Lu was ousted from his role at the company in a shareholders meeting on Sunday, Bloomberg reported.

Lu had called the “extraordinary general meeting,” as he also sought removal of one of the independent members of the Luckin board, Sean Shao.

According to local media sources, Shao, along with two other board members, has also been forced out, Bloomberg noted.

A separate report from the Wall Street Journal said that an internal investigation of the company found that Lu knew or should have known about the $310 million securities fraud at the company.

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