Luckin Coffee Fires CEO and COO

The move comes not long after a major accounting scandal broke at the business.

In what can be seen as an inevitable relocation, Luckin Coffee( NASDAQ: LK) fired the two executives apparently connected to a recent scandal.

Last month, it came to light that Luckin Coffee overemphasized its sales figures for last April through September by 2.2 billion yuan ($310 million).

Image source: Getty Images.

Luckin Coffee’s internal examination is not the only probe into the matter. In April, according to media reports, the U.S. Securities and Exchange Commission (SEC) introduced its own examination This followed a raid on the China-based business’s headquarters in the city of Xiamen by a nationwide regulator, the State Administration for Market Regulation.

In early April, the Nasdaq halted trading of Luckin Coffee’s U.S.-listed shares That freeze stays in location.

Luckin Coffee has already replaced Qian as CEO. Jinyi Guo, a board member and senior vice president at the business, now inhabits that task on a provisionary basis. The two vacant board seats have actually been filled; Luckin Coffee named company insiders to those positions.

In journalism release announcing its relocations, Luckin Coffee asserted that it “has actually been complying with and responding to questions from regulatory agencies in both the United States and China” and added: “The company will continue to cooperate with the Internal Examination and concentrate on growing its organisation.”

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Eric Volkman has no position in any of the stocks mentioned. The Motley Fool owns shares of and recommends Luckin Coffee Inc. The Motley Fool has a disclosure policy.

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Eric Volkman has no position in any of the stocks pointed out.

The Motley Fool owns shares of and suggests Luckin Coffee Inc. The Motley Fool has a disclosure policy

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