Luckin Coffee Inc said on Wednesday it would not file its annual financial report on time as it was dealing with investigations into hundreds of millions of dollars worth of fabricated sales.
FILE PHOTO: Customers wearing face masks are seen inside a Luckin Coffee store in Beijing, following the novel coronavirus disease outbreak, China April 16, 2020. REUTERS/Tingshu Wang
- Luckin Coffee Inc said on Wednesday it would not file its annual financial report on time as it was dealing with investigations into hundreds of millions of dollars worth of fabricated sales. China’s top market regulator and securities watchdog are scrutinizing the company’s books, after Luckin said an internal investigation had shown its chief operating officer and other employees fabricated sales deals worth about 2.2 billion yuan .
Earlier on Wednesday, the Wall Street Journal reported the U.S. Securities and Exchange Commission was also investigating Luckin.
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