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The Rise and Fall of Luckin Coffee |
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INTRODUCTION |
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| On April 02, 2020, China-based start-up, Luckin Coffee Inc. (Luckin), admitted that its sales data had been falsified and an internal investigation committee had been formed to look into the matter. In a filing with US-based Securities Exchange Commission (SEC), Luckin announced, “The information identified at this preliminary stage of the Internal Investigation indicates that the aggregate sales amount associated with the fabricated transactions from the second quarter of 2019 to the fourth quarter of 2019 amount to around RMB2.2 billion . Certain costs and expenses were also substantially inflated by fabricated transactions during this period.” .. |
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