Volg Beursig.com op Twitter en Facebook





Luckin Coffee - LK

Beleggen in aandelen beurs New York, Dow Jones, Nasdaq-100 en S&P500
Munnybunny
Forum veteraan
Forum veteraan
Berichten: 1206
Lid geworden op: 17 sep 2014 14:20
waarderingen: 500
Contacteer:

Re: Luckin Coffee - LK

Bericht door Munnybunny »

Munnybunny schreef:
23 jun 2020 15:37
The company will hold an extraordinary general meeting next month to vote on whether to oust several directors, including chairman Charles Zhengyao Lu.

Luckin's shares have plunged more than 85% since April since the internal probe was announced and has resulted in the company defaulting on a loan secured by pledging millions of shares.

The shares were down at $2.6 in premarket trading after rising earlier in the day following a Reuters report that it picked investment bank Houlihan Lokey , also appointed by troubled German tech firm Wirecard , as an adviser.
Luckin to Hold EGM on July 5 to Vote on Lu’s Removal as Director

Luckin Coffee Inc. said it will hold an extraordinary general meeting on July 5 to vote on resolutions relating to the removal of certain directors including Charles Lu.

Among the resolutions to be voted on in the EGM are the removal of Sean Shao as an independent director and the waiving of Luckin Coffee’s rights to and the releasing and discharging of Shao from loss, damage, misfortune and claims that might arise from his office at the company, according to a notice on Friday. Shao is also part of the board’s audit committee and special committee.


At the EGM, Luckin Coffee shareholders will also vote on the appointment of two independent directors. Tianruo Pu, an independent director at Luckin Coffee, recently resigned from the board, citing personal reasons.





Volg Beursig.com op Twitter en Facebook

     


Munnybunny
Forum veteraan
Forum veteraan
Berichten: 1206
Lid geworden op: 17 sep 2014 14:20
waarderingen: 500
Contacteer:

Re: Luckin Coffee - LK

Bericht door Munnybunny »

Als ze erin slagen grote kuis te houden bij het mngt en in de boeken met de hulp van Houlihan, en alle slechte nieuws achter zich hebben, kunnen we aan een mooie rit naar boven beginnen.
Trade wisely.. HR/HR.

Munnybunny
Forum veteraan
Forum veteraan
Berichten: 1206
Lid geworden op: 17 sep 2014 14:20
waarderingen: 500
Contacteer:

Re: Luckin Coffee - LK

Bericht door Munnybunny »

OTC vanaf maandag vervoegt LK de andere Chinese bedrijven BIDOO BABA TENCENT... Willen geen hoorzitting.

Luckin Coffee Announces Withdrawal of its Request for Nasdaq Hearing

Jun 26, 2020
BEIJING, June 26, 2020 (GLOBE NEWSWIRE) -- Luckin Coffee Inc. (the “Company”) (NASDAQ: LK) today announced the following:

As previously disclosed, the Company received two written notices (the “Notices”) from the Listing Qualifications Staff (the “Listing Qualifications Staff”) of The Nasdaq Stock Market LLC (“Nasdaq”), indicating the grounds of its decision to delist the Company’s securities from Nasdaq.

On May 22, 2020, the Company requested an oral hearing before the Nasdaq Hearings Panel pursuant to Market Place Rule 4820. On May 23, 2020, Nasdaq informed the Company of the scheduled hearing date of June 25, 2020.

On June 24, 2020, the Company notified the Listing Qualifications Staff of the Company’s decision to withdraw its request for the aforementioned hearing and not to seek to reverse or stay the Listing Qualification Staff’s determination of delisting the Company from the Nasdaq Global Select Market. As a result, the Office of General Counsel of Nasdaq has notified the Company that the Company’s shares will be suspended at the open of business on June 29, 2020, and Nasdaq will file a Form 25 Notification of Delisting when all appeal periods have expired.
neku liked last!

Munnybunny
Forum veteraan
Forum veteraan
Berichten: 1206
Lid geworden op: 17 sep 2014 14:20
waarderingen: 500
Contacteer:

Re: Luckin Coffee - LK

Bericht door Munnybunny »

1,30 in voor trade

Munnybunny
Forum veteraan
Forum veteraan
Berichten: 1206
Lid geworden op: 17 sep 2014 14:20
waarderingen: 500
Contacteer:

Re: Luckin Coffee - LK

Bericht door Munnybunny »

Munnybunny schreef:
26 jun 2020 16:08
1,30 in voor trade
En uit 1,45 pfeww 😇

Gebruikersavatar
vault77
Premiummember
Premiummember
Berichten: 589
Lid geworden op: 28 jan 2013 14:11
Locatie: VAULT 77
waarderingen: 123
Contacteer:

Re: Luckin Coffee - LK

Bericht door vault77 »

Munnybunny schreef:
26 jun 2020 16:16
Munnybunny schreef:
26 jun 2020 16:08
1,30 in voor trade
En uit 1,45 pfeww 😇
:clap: :up:

Munnybunny
Forum veteraan
Forum veteraan
Berichten: 1206
Lid geworden op: 17 sep 2014 14:20
waarderingen: 500
Contacteer:

Re: Luckin Coffee - LK werd LKNCY

Bericht door Munnybunny »

Dag 1 nieuwe ticker LKNCY.

Munnybunny
Forum veteraan
Forum veteraan
Berichten: 1206
Lid geworden op: 17 sep 2014 14:20
waarderingen: 500
Contacteer:

Re: Luckin Coffee - LK

Bericht door Munnybunny »

Heb gisteren (bij) gekocht voor swing. Voorzitter Lu buiten op 2 juli. Nieuwe bestuursleden op 5 juli...
Het minste wat je van dit aandeel kan zeggen is dat het alleszins niet saai is. What an adventure 😂

Luckin Coffee’s board is forcing out its chairman (also, chairman is forcing out the rest of the board)

Sometimes you just can’t get a [L]uckin’ break.

After announcing this morning that it is ending its fight to stay listed on Nasdaq, China-based coffee chain and delivery company Luckin Coffee announced in a filing with the SEC that it is requiring that its chairman, Lu Zhengyao, resign.

Luckin Coffee will unluckin’ly delist from Nasdaq following fraud allegations


It also announced in its SEC filing that the chairman has requested the firing of independent director Sean Shao through a shareholders resolution, which will be voted upon at a shareholders meeting to be held on Sunday, July 5th.

My god.

It’s getting ugly at Luckin, which is struggling to turnaround in the aftermath of revelations of a $300 million accounting fraud that has seen its stock price plummet in recent months. Shao has been leading the board’s independent investigation over the accounting irregularity.

Luckin Coffee’s board initiates investigation into $300M potential fraud

Now, at a shareholders meeting, the board will be up for grabs, with investors in the company (yes, there are still investors!) choosing who to keep and who to fire in a devolving case of corporate governance run amok.

In addition to voting on several current directors of the company, shareholders will also vote on installing two new independent directors, Zeng Ying and Yang Jie, who have longtime business and legal backgrounds.

We had previously known about the extraordinary shareholders meeting, but now the company has upped the ante, by voting to force out the chairman by July 2 — three days before the shareholders meeting is scheduled to take place.

Munnybunny
Forum veteraan
Forum veteraan
Berichten: 1206
Lid geworden op: 17 sep 2014 14:20
waarderingen: 500
Contacteer:

Re: Luckin Coffee - LK

Bericht door Munnybunny »

Luckin Coffee finds 2019 revenue inflated by $300 million as financial misconduct comes to a close
Published: July 1, 2020 at 9:29 a.m. ET
By Tonya Garcia

Luckin Coffee Inc. LK announced the "substantial completion" of the internal investigation into financial misconduct on Wednesday, finding that the company's 2019 annual revenue was inflated by about RMB 2.12 billion (approximately $300 million) spread across the second, third and fourth quarters. "Evidence discovered to date demonstrates that the company's former chief executive officer, Ms. Jenny Zhiya Qian, former chief operating officer, Mr. Jian Liu and certain employees reporting to them participated in the fabricated transactions and that the funds supporting the fabricated transactions were funneled to the company through a number of third parties associated with the company employees and/or related parties," Luckin said in a statement. Luckin previously announced that a number of executives, including the company's CEO, have been terminated. The company has also delayed its annual report and has been delisted from the Nasdaq. On Thursday, the Starbucks Corp. SBUX rival will consider a proposal to remove board chairman Charles Zhengyao Lu. More than two dozen employees will be either terminated or subject to disciplinary action, including employees who were previously suspended. Luckin says it has taken a number of measures, including strengthening compliance training, as a result of the investigation. Luckin stock rose 4.7% in Wednesday premarket trading but has lost 94% of its value in 2020. The S&P 500 index SPX is down 4% for the year so far.

Munnybunny
Forum veteraan
Forum veteraan
Berichten: 1206
Lid geworden op: 17 sep 2014 14:20
waarderingen: 500
Contacteer:

Re: Luckin Coffee - LK

Bericht door Munnybunny »

Onderzoek is afgerond. :clap:
Bijna alle sh*t opgekuisd.

After grinding investigation, Luckin Coffee confirms $300 million revenue fraud
Danny Crichton
July 1, 2020

Luckin Coffee’s drips and drops of news the past few weeks — including a boardroom feud that is pitting the company’s chairman against a special investigation committee looking into an alleged massive fraud — is now turning into a flood.

Luckin Coffee will unluckin’ly delist from Nasdaq following fraud allegations



In a new SEC filing this morning, the company’s Special Committee, which was tasked with investigating claims that the one-time China-based coffee darling overstated its revenues by hundreds of millions of dollars, has returned with its verdict. And the verdict is that the company did indeed inflate revenues by nearly $300 million.

In its filing, the company said “In the course of the Internal Investigation, the Special Committee and its advisors reviewed over 550,000 documents collected from over 60 custodians, interviewed over 60 witnesses, and performed extensive forensic accounting and data analytics testing.”

What it found is that starting around April 2019, or roughly contemporaneous with the IPO of the company on Nasdaq, the company began inflating revenues. According to the company’s analysis, revenues were overstated by $35 million in Q2, $99 million in Q3, and almost $166 million in Q4, in present day U.S. dollars.

The fraud was first discovered by unknown private investigators in a report that was later circulated online by the short-seller Muddy Waters in January of this year. That short-seller report eventually led the company to begin an investigation roughly three months ago, which led to today’s conclusions.

Luckin Coffee’s board initiates investigation into $300M potential fraud
The filing further stated that “Following the Special Committee’s recommendations, the Board terminated its former Chief Executive Officer and former Chief Operating Officer based on evidence demonstrating their participation in the fabricated transactions.” That news was released a few weeks ago.

Now, this is where things get interesting because this week, the boardroom feud is spilling out into the open. There are competing proposals on who will run Luckin going forward, with the chairman of the board attempting to fire the board’s Special Committee, while the rest of the board is trying to fire the chairman. Yes, it’s complicated, but the vote is happening this week, with the firing of the chairman for July 2, and the firing of the rest of the board in a shareholders meeting on July 5.

Luckin Coffee’s board is forcing out its chairman (also, chairman is forcing out the rest of the board)
We’ll be following those developments closely, but I will say this: whoever read 550,000 pages of evidence in roughly three months deserves … at least $300 million in Luckin Coffee free coupons. I’d even say it’s grounds for a permanent and free coffee subscription. Let’s just hope the board spills even more beans on what is going on here. (Okay, I am going to stop now).
neku liked last!

Deelnemen aan het forum + meer functies?

Discussieer met duizenden beleggers, minder
advertenties, ideaal voor smartphone, betere
gebruikservaring en gratis abonneren op favoriete
onderwerpen. Registreer binnen 1 minuut!


Plaats reactie