Luckin Coffee Scandal Ey. And just three years later, it has grown into a chinese coffee behemoth. The firm is already facing a lawsuit in germany brought on behalf of wirecard investors by wolfgang schirp, a berlin lawyer.
Now the stock trades at less than a third of its initial public offering price and is down more than 90% from a record high in. Similarly, one of the more troubling details of the wirecard scandal is the extent to which german financial regulators turned blind eye to questions about wirecard that were circulating in the press. The accounting firm said it uncovered the problems at china’s luckin coffee, which have hammered the starbucks challenger’s stock and cast doubt over a large part of the company’s sales last.
Luckin coffee was founded in 2017 by jenny qian zhiya and charles zhengyao lu.
Ruìxìng kāfēi) is a chinese coffee company and coffeehouse chain.it was founded in beijing in 2017. Luckin still hasn’t filed its financial report for the fourth quarter of 2019, though the q4 earnings season is coming to an end. The firm is already facing a lawsuit in germany brought on behalf of wirecard investors by wolfgang schirp, a berlin lawyer. As of january 2020, it managed 4,507 stores and exceeded the number of starbucks stores in china.