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Luckin Surpasses Starbucks in China Annual Sales For First Time

Luckin Surpasses Starbucks in China Annual Sales For First Time
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Luckin to Pay $180 Million to End SEC Probe After Collapse

Luckin to Pay $180 Million to End SEC Probe After Collapse
Bloomberg
12/17/2020
Matt Robinson
© Bloomberg
A Luckin Coffee Inc. store stands in Beijing, China, on Wednesday, May 20, 2020. China s central government promised to deepen reforms at state-owned firms and ease access for foreign companies as the country prepares for its annual parliamentary sessions.
(Bloomberg) Luckin Coffee Inc.’s collapse from a stunning accounting scandal has prompted a stiff price tag from U.S. regulators: $180 million.
The Chinese coffee chain intentionally fabricated more than $300 million in sales from at least April 2019 through January of this year, according to the Securities and Exchange Commission, which announced the fine and a settlement with the company in a Wednesday statement. To conceal the fraud, certain employees created a fake operations database, and altered bank records to reflect the bogus sales, according to the SEC. ....

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