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Luckin Coffee Delays Its Annual Report, Pointing to the Coronavirus

Luckin Coffee Delays Its Annual Report, Pointing to the Coronavirus

Chinese cafe chain Luckin Coffee is delaying its 2019 report, citing the coronavirus pandemic and an internal investigation.

Luckin’s American depositary receipts (ticker: LK) plunged on April 2 after the company disclosed that it recognized as much as $310 million in allegedly fabricated transactions from the second quarter to the fourth quarter of 2019. Shortly after, a large Luckin shareholder sold all of its ADRs.
 
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