The Nasdaq Exchange has told Luckin Coffee that it will delist the stock after the company disclosed that its former chief operating officer fabricated sales in 2019.
Luckin said Tuesday that it plans to request a hearing before a Nasdaq panel.
The company disclosed on April 2 that an internal probe found that Jian Liu, its COO at the time, had fabricated 2019 sales by about 2.2 billion yuan. Reinout Schakel, chief financial officer of Luckin Coffee Inc., speaks during a television interview ahead of the company's initial public offering at the Nasdaq MarketSite in New York, on Friday, May 17, 2019.that it will delist the stock after the company disclosed that its former chief operating officer fabricated sales in 2019.The Chinese coffee chain will remain listed on the Nasdaq until the hearing panel decides an outcome.
The exchange told Luckin that it determined it would be delisted because of public interest concerns raised by the sales fraud disclosed in April and the company's "past failure to publicly disclose material information."The company disclosed on April 2 that an internal probe found that
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