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Cayman islandsJinyi guoExchange commissionLuckin coffeePink open marketகேமன் தீவுகள்பரிமாற்றம் தரகுஇளஞ்சிவப்பு திறந்த சந்தை

China s Luckin Coffee to pay USD 180 million fine in fraud case

Washington, Dec 17:China’s Luckin Coffee has agreed to pay a USD 180 million penalty to settle accounting fraud charges, the Securities and Exchange Commission says. The SEC charged the company with defrauding investors by misstating its revenue, expenses, and net operating loss to appear to have been more profitable and growing faster than it actually was, and to meet the company’s earnings estimates. The Chinese rival to Starbucks fabricated more than USD 300 million in retail sales, the SEC said in a statement. It said the misconduct continued from April 2019 until January 2020. Luckin’s shares traded on the NASDAQ until July 13, 2020. They now trade on the OTC Pink board, or Pink Open Market, the most speculative tier for trading of over-the-counter stocks.

United statesCayman islandsJinyi guoExchange commissionChina securities regulatory commissionSwiss financial market supervisory authorityLuckin coffeePink open marketஒன்றுபட்டது மாநிலங்களில்கேமன் தீவுகள்பரிமாற்றம் தரகுசீனா பத்திரங்கள் ஒழுங்குமுறை தரகுசுவிஸ் நிதி சந்தை மேற்பார்வை அதிகாரம்இளஞ்சிவப்பு திறந்த சந்தை

Luckin Coffee to pay $180M for accounting fraud

By Jaclyn Jaeger2020-12-17T19:44:00+00:00 China-based Luckin Coffee has agreed to a $180 million penalty as part of a settlement with the U.S. Securities and Exchange Commission to resolve charges related to the coffee chain’s inflated-sales scandal. From at least April 2019 through January 2020, Luckin intentionally fabricated approximately $311 million in retail sales transactions “in an effort to falsely appear to achieve rapid growth and increased profitability and to meet the company’s earnings estimates,” according to the SEC’s complaint, filed Wednesday in the Southern District of New York. Certain executive officers and senior managers at Luckin attempted to conceal the fraud by inflating the company’s expenses by more than $190 million, creating a fake operations database, and altering accounting and bank records to hide the misconduct from the company’s finance department and others, the complaint states.

New yorkUnited statesStephanie avakianJian liuJenny zhiya qianDonald trumpJinyi guoCompany board of directorsDivision of enforcementHolding foreign companies accountableUs public company accounting oversight boardSouthern districtZhiya qianChief operating officer jian liuLuckin coffeeHolding foreign companies accountable act

China s Luckin Coffee to pay $180-million penalty in fraud case

China s Luckin Coffee to pay $180-million penalty in fraud case
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Cayman islandsJinyi guoExchange commissionChina securities regulatory commissionSwiss financial market supervisory authorityLuckin coffeePink open marketகேமன் தீவுகள்பரிமாற்றம் தரகுசீனா பத்திரங்கள் ஒழுங்குமுறை தரகுசுவிஸ் நிதி சந்தை மேற்பார்வை அதிகாரம்இளஞ்சிவப்பு திறந்த சந்தை

Luckin Coffee to Pay $180 Million Penalty to Settle Accounting Fraud Charges: US SEC

Luckin Coffee to Pay $180 Million Penalty to Settle Accounting Fraud Charges: US SEC China-based startup Luckin Coffee Inc. has agreed to pay a $180 million penalty to settle accounting fraud charges for “intentionally and materially” overstating its 2019 revenue and understating a net loss, U.S. regulators said on Wednesday. The U.S. Securities and Commission (SEC) fine on the China-based rival to Starbucks comes after it said earlier this year that much of its 2019 sales were fabricated, sending its shares plunging and sparking an investigation by China’s securities regulator and the SEC. The SEC said it found that Luckin “intentionally and materially overstated its reported revenue and expenses and materially understated its net loss in its publicly disclosed financial statements in 2019.”

Cayman islandsStephanie avakianJian liuJinyi guoLuckin coffee incCompany board of directorsLuckin coffeeChief executive officerEnforcement stephanie avakianChief operating officer jian liuகேமன் தீவுகள்மாற்றாந்தாய் வாக்கிங்ஜியான் லியூநிறுவனம் பலகை ஆஃப் இயக்குநர்கள்தலைமை நிர்வாகி அதிகாரிஅமலாக்கம் மாற்றாந்தாய் வாக்கிங்