The Nasdaq Exchange has told Luckin Coffee that it will delist the stock after the company disclosed that its former chief operating officer fabricated sales in 2019.
Luckin said Tuesday that it plans to request a hearing before a Nasdaq panel.
The company disclosed on April 2 that an internal probe found that Jian Liu, its COO at the time, had fabricated 2019 sales by about 2.2 billion yuan. Reinout Schakel, chief financial officer of Luckin Coffee Inc., speaks during a television interview ahead of the company's initial public offering at the Nasdaq MarketSite in New York, on Friday, May 17, 2019.that it will delist the stock after the company disclosed that its former chief operating officer fabricated sales in 2019.The Chinese coffee chain will remain listed on the Nasdaq until the hearing panel decides an outcome.
The exchange told Luckin that it determined it would be delisted because of public interest concerns raised by the sales fraud disclosed in April and the company's "past failure to publicly disclose material information."The company disclosed on April 2 that an internal probe found that
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Exclusive: Nasdaq to tighten listing rules, restricting Chinese IPOs - sourcesNasdaq Inc is set to unveil new restrictions on initial public offerings (IPOs), a move that will make it more difficult for some Chinese companies to debut on its stock exchange, people familiar with the matter said on Monday.
Read more »
Owner of Peet's Coffee plans $2.2 billion IPO | Markets InsiderJDE Peet's, owner of a number of coffee brands including Peet's Coffee, plans to raise upward of $2.2 billion in an IPO on the Euronext stock ex...
Read more »
Frappé (Foamy Iced Coffee) RecipeGreek café culture revolves around this frothy iced coffee drink. Instant coffee is shaken up into a thick foam and then topped off with a splash of water for a creamy and refreshing drink.
Read more »
Moderna plans to issue $1.25 billion in fresh equity following 20% stock jumpModerna announced Monday that it has begun an underwritten public offering of $1.25 billion in shares of common stock.
Read more »
State IG was investigating Trump emergency arms sales to Saudis, Pompeo's use of staff to run errands when fired: SourcesThe State Department Inspector General who was fired by President Trump late Friday was investigating his administration's use of emergency powers to sell weapons to Saudi Arabia despite congressional opposition, according to a senior Democratic lawmaker.
Read more »