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Luckin Coffee says inquiry against CEO finds no evidence of misconduct
FILE PHOTO: A cup of Luckin Coffee coffee is poured during the company s IPO at the Nasdaq Market site in New York, U.S., May 17, 2019. REUTERS/Brendan McDermid/File Photo
February 18, 2021
Chinese coffee chain Luckin Coffee said on Wednesday its board had found no evidence of misconduct by Chief Executive Jinyi Guo during a month-long investigation into allegations made by some employees.
Guo, who took over after the competitor to Starbucks ousted co-founder and chairman Charles Zhengyao amid an internal fraud investigation, had denied the allegations.
The coffee chain’s explosive growth was halted last year by an investigation into its accounts for overstating 2019 revenue and understating net loss.
By Reuters Staff
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FILE PHOTO: A cup of coffee is poured during Luckin Coffee s IPO at the Nasdaq Market site in New York, U.S., May 17, 2019. REUTERS/Brendan McDermid
(Reuters) - Chinese coffee chain Luckin Coffee said on Wednesday its board had found no evidence of misconduct by Chief Executive Jinyi Guo during a month-long investigation into allegations made by some employees.
Guo, who took over after the competitor to Starbucks ousted co-founder and chairman Charles Zhengyao amid an internal fraud investigation, had denied the allegations.
The coffee chain’s explosive growth was halted last year by an investigation into its accounts for overstating 2019 revenue and understating net loss.
Luckin Coffee, a Chinese Starbucks competitor, files for US bankruptcy protection, as it attempts to recover from a $180 million fraudulent-accounting fine kshalvey@businessinsider.com (Kevin Shalvey)
Luckin Coffee on Friday filed for Chapter 15 bankruptcy protection in New York.
The proceedings in New York and the Cayman Islands aren t expected to disrupt its daily business.
The SEC in December charged the company with defrauding investors and gave it a $180 million fine.
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The Chinese coffee chain said its bankruptcy proceedings aren t expected to disrupt day-to-day operations. Luckin will continue to meet trade obligations in the ordinary course of business, including paying suppliers, vendors and employees, according to a news release posted on Friday.
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Two crossed lines that form an X . It indicates a way to close an interaction, or dismiss a notification. Women leave a Luckin Coffee store in Beijing. Thomas Peter/Retuers
Luckin Coffee on Friday filed for Chapter 15 bankruptcy protection in New York.
The proceedings in New York and the Cayman Islands aren t expected to disrupt its daily business.
The SEC in December charged the company with defrauding investors and gave it a $180 million fine.
Luckin Coffee on Friday filed for Chapter 15 bankruptcy protection in New York, as it recovers from hundreds of millions of dollars in fines for fraudulent accounting.