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Luckin Coffee Fires CEO, COO Over Fabricated Sales Reports

May 12, 2020: 12:00 AM EST
Following an ongoing internal investigation that uncovered evidence of fraud by two of its top executives, Beijing-based Luckin Coffee Inc., a coffee company and coffeehouse chain with 4,507 locations in China, announced changes to its board of directors and senior management, effective May 11. The investigation shed light on “fabricated transactions described in the press release issued by the company on April 2, 2020.” Luckin fabricated sales last year of as much $310 million, according to a Bloomberg report. The company terminated CEO Jenny Zhiya Qian and COO Jian Liu, and forced their resignations from the board. The company said it also suspended six other employees “who were involved in or had the knowledge of the fabricated transactions.” [Image Credit: © www.luckincoffee.com]
"Luckin Coffee Announces Changes to Board of Directors and Senior Management", Luckin Coffee , May 12, 2020, © Luckin Coffee Inc.
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