Luckin Coffee issued a statement saying that it had reached a settlement with the SEC on the investigation of forged transactions by some former executives and employees. The SEC will submit the proposed settlement agreement to the U.S. District Court for the Southern District of new york. At present, the operation of the company and stores is stable and normal.
Previously, the SEC accused Luckin Coffee of seriously misrepresenting its income, expenses and net operating losses and defrauding investors.
Looking back at the whole story of Luckin Coffee's fraud case, on the evening of April 2, Luckin Coffee announced that there were fraudulent transactions from the second quarter to the fourth quarter of 20 19, involving sales of about 2.2 billion yuan.
The board of directors of the company has set up a special committee to investigate the problems in the audit of financial reports in fiscal year 20 19. The announcement also stated that more information about internal investigation will be released in due course, and efforts will be made to take appropriate measures to improve internal control.
Extended data:
Progress in the investigation of financial fraud in Luckin Coffee;
On September 18, 2008, the State Administration of Market Supervision and the Shanghai and Beijing market supervision departments made administrative punishment decisions on 45 enterprises involved in the case, namely Lujin Coffee (China) Co., Ltd., Lujin Coffee (Beijing) Co., Ltd., Beijing Chexing Tianxia Consulting Service Co., Ltd., Beijing Shenzhou Youtong Technology Development Co., Ltd. and Zhengzhe International Trade (Xiamen) Co., Ltd., with the penalty amount/Kloc.
10 On June 5438+02, the State Administration of Markets disclosed the penalty decision and imposed administrative penalties on Lujin Coffee (China) Co., Ltd. and Lujin Coffee (Beijing), with fines of 2 million yuan respectively.
Since the fraud case, Luckin Coffee's share price has been falling all the way, even delisting, and it has also been falling all the way after the resumption of trading. Bankruptcy was once considered as the final outcome of Luckin Coffee.