Luckin Coffee ousted its co-founder and chairman Charles Lu Zhengyao in mid July. The Chinese coffee chain intentionally fabricated more than US$300 million in sales from at least April 2019 through January of this year. Chinese beverage chain, Luckin Coffee's collapse from a stunning accounting scandal has prompted a stiff price tag from U.S. regulators: US$180 million, Bloomberg reports. Luckin Coffee ousted its co-founder and chairman Charles Lu Zhengyao in mid July. The transfer of funds to Luckin investors is subject to approval by Chinese authorities, the SEC said.

Source: The Standard December 17, 2020 03:41 UTC