The Nasdaq exchange aims to delist Luckin Coffee after employees falsified $310 million in sales
The Chinese coffee chain has fallen under strict regulatory scrutiny in recent weeks after its April 2 discovery that employees including its chief operating officer fabricated as much as 2.2 billion yuan in sales. The falsifications occurred from the second quarter of 2019 to the fourth quarter, Luckin said.
The exchange's staff cited"public interest concerns" surrounding the cooked books, as well as past failure to disclose critical information, for its delisting recommendation. Luckin aims to request a hearing before an exchange panel and will remain listed on Nasdaq pending the hearing's outcome, according to the filing. Hearings typically take place 30 to 45 days after a request is made.
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