Daily Archives: December 16, 2020, 6:17 pm

Luckin Coffee Agrees to Pay $180 Million Penalty to Settle Accounting Fraud Charges

The SEC’s complaint alleges that, from at least April 2019 through January 2020, Luckin intentionally fabricated more than $300 million in retail sales by using related parties to create false sales transactions through three separate purchasing schemes. According to the complaint, certain Luckin employees attempted to conceal the fraud by inflating the company’s expenses by more than $190 million, creating…

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