Market authorities raided Luckin Coffee’s office this week as Beijing seeks to limit reputational damage from the accounting scandal. It will take far more to fend off an escalating backlash and restore broken American trust, says petesweeneypro:
Dozens of officers from the State Administration for Market Regulation raided Luckin Coffee’s Beijing office on April 26, an unnamed source told Reuters. The securities regulator previously had said it would investigate Luckin after the New York-listed company disclosed that an executive vastly overstated sales revenue.
The China Securities Regulatory Commission published a statement on April 27 describing its positive cooperation with the U.S. Securities Exchange Commission and the Public Company Accounting Oversight Committee. Luckin shares have been frozen since April 6. They last traded at $4.39, down 90% from a January high.
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