Luckin Coffee settles fraud charges for $180M
December 17, 2020- Share:
Luckin Coffee has reached a settlement agreement with the SEC over charges that the China-based company defrauded investors by stating false financial results, agreeing to pay a $180 million penalty. The SEC launched its investigation in April, alleging that the fast-growing coffee retailer had fabricated $300 million in sales. Luckin went public in May 2019, just a month after it had raised $150 million in venture funding at a $2.9 billion valuation, according to PitchBook data.
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