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Luckin Coffee Inc. (OTC: LKNCY) has nearly completed its internal investigation into previously disclosed discrepancies. The Special Committee reviewed over 550,000 documents and interviewed more than 60 witnesses, revealing that fabricated transactions inflated 2019 revenues by approximately RMB 2.12 billion. The investigation implicated former executives, leading to their termination and the resignation of Board Chair Charles Zhengyao Lu. The company is enhancing its internal controls and compliance measures to prevent future misconduct.
Luckin Coffee Inc. (NASDAQ: LK) announced that its Board of Directors recommends shareholders vote against a proposal to remove Sean Shao as an independent director. This decision follows a requisition for an Extraordinary General Meeting (EGM) set for July 5, 2020, initiated by Haode Investment Inc., which holds a significant stake in the company. The Board expressed concerns that removing Shao could disrupt an ongoing internal investigation, as he leads the Special Committee overseeing this inquiry.
Luckin Coffee Inc. (NASDAQ: LK) announced the resignation of board member Mr. Tianruo Pu, effective June 16, 2020, due to personal reasons. The remaining board comprises Mr. Sean Shao and Mr. Wai Yuen Chong, with Shao as chairman of both the Audit and Special Committees. The company expressed gratitude for Mr. Pu's service and is actively seeking new independent directors. This change comes amid ongoing efforts to strengthen governance and oversight within the company.
Luckin Coffee Inc. (NASDAQ: LK) announced significant changes to its Board and senior management, effective May 11, 2020, due to ongoing internal investigations into fabricated transactions. CEO Jenny Zhiya Qian and COO Jian Liu were terminated, with six additional employees suspended. Jinyi Guo has been appointed as the Acting CEO, while Wenbao Cao and Gang Wu joined the Board as directors. The company will continue to cooperate with regulatory inquiries and focus on growth amidst the investigation.
