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Luckin Names New CEO After Ousting Lu

TheMotleyFool

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The Luckin Coffee (OTC: LKNC.Y) saga continues as the company brings in a new chairman and CEO in place of chairman Charles Lu and former CEO Jenny Zhiya Qian.

The action started in April when a story broke that Luckin, which was founded and run by Lu, had fabricated $300 million in sales for its 3,680 stores in 2019. Luckin was delisted from NASDAQ as the drama unfolded, and Lu was investigated for fraud. The company was reinstated on the NASDAQ and then again delisted again, and Luckin's board tried to oust Lu as chairman. An internal investigation found that Lu was either directly responsible for or at least knew about the fraudulent activity.

Image source: Getty Images.

Source Fool.com

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