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Luckin Coffee Agrees to $175M Settlement Over Accounting Fraud Claims

Luckin Coffee Inc (LC0Ay.MU), reached a $175 million settlement of shareholder class-action claims that the Chinese rival to Starbucks fraudulently inflated its share price by falsifying revenue.

Lawyers for the shareholders called the all-cash settlement, filed on Monday night, an "excellent result," citing Luckin's liquidation proceeding in the Cayman Islands and its related filing for protection under the U.S. Bankruptcy Code.

The accord also covers Luckin officials, and underwriters of the Xiamen, China-based company's $645 million initial public offering in 2019 and a later offering of American depositary shares.

Read the source article at reuters.com

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