Jenny Qian Zhiya, chief executive officer of Luckin Coffee Inc., speaks during the company's initial public offering at the Nasdaq MarketSite in New York, U.S., on Friday, May 17, 2019.
Jenny Qian Zhiya, chief executive officer of Luckin Coffee Inc., speaks during the company's initial public offering at the Nasdaq MarketSite in New York, U.S., on Friday, May 17, 2019.said Tuesday that it fired its CEO and COO as part of an internal investigation into sales fraud.
Jenny Zhiya Qian, Luckin's former CEO, and Jian Liu, its former COO, also resigned from the company's board. The changes to the company's board and senior management went into effect on Monday. The board appointed Jinyi Guo, a board member and a senior vice president in the company, as acting chief executive.Liu had fabricated 2019 salesLuckin's stock has been halted for pending news since April 7. There is no time limit for how long a stock can be halted for pending news. Its shares had plummeted 83% since disclosing the fraud.
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