The SEC is reportedly investigating Luckin Coffee after discovery that employees fabricated $310 million in sales
Read more:
An expert tech investor beating 97% of his peers reveals the most important trends in his portfolio — and breaks out his top 3 stock picks for the next decade Luckin announced in its disclosure that the firm will conduct an internal investigation through its board of directors and law office Kirkland & Ellis LLP. The chain suspended individuals involved in the misconduct, according to its April disclosure.
The investigation resurfaces challenges between regulators and Chinese firms staging US stock offerings. The SEC said in an April 21that enforcement of regulatory actions against international firms"may be limited," and cautioned investors to understand the related risks. China, in particular, has"significant legal and other obstacles to obtaining information" necessary in an investigation, the agency added. The country recently implemented a new law that requires citizens and companies to gain approval from China's market regulators before cooperating with international authorities.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
WSJ News Exclusive | SEC Investigates Starbucks China Rival Luckin Over Accounting ScandalThe Securities and Exchange Commission is investigating Luckin Coffee’s disclosure that some of its employees cooked its books last year, according to people familiar with the matter.
Read more »
Luckin Coffee delays annual filing amid accounting probesLuckin Coffee Inc said on Wednesday it would not file its annual financial report on time as it was dealing with investigations into hundreds of millions of dollars worth of fabricated sales.
Read more »
WSJ News Exclusive | SEC Investigates Starbucks China Rival Luckin Over Accounting ScandalThe Securities and Exchange Commission is investigating Luckin Coffee’s disclosure that some of its employees cooked its books last year, according to people familiar with the matter.
Read more »
Scrutiny mounts on China's Luckin Coffee as market regulator inspectsChina's top market regulator has launched an inspection into Luckin Coffee , joining the country's securities watchdog in doing so as the coffee chain comes under scrutiny for fabricating millions of dollars worth of sales deals.
Read more »
The Paycheck Protection Program Is Up And Running Again After Weeks Of Controversy—Here’s What You Need To KnowThe Paycheck Protection Program is up and running again after weeks of controversy—here’s what you need to know: by theothersarahh
Read more »
U.S. banks in another mad grab for $310 billion in new small-business aidU.S. banks on Monday began another chaotic dash to grab $310 billion in fresh small-business aid released by the government, after 11th-hour changes to the first-come-first-served program led to technology issues for some lenders.
Read more »