Why Luckin Coffee Stock Plunged 50% Today

Shares of Luckin Coffee (NASDAQ: LK) plummeted on Friday after the Chinese coffeehouse company disclosed that it will be delisted from the Nasdaq Stock Market.

As of 11:11 a.m. EDT, Luckin's stock was down 50%.

Luckin Coffee received its first delisting notice from Nasdaq on May 15. The exchange warned that it intended to delist Luckin's shares after the company fabricated transactions and failed to disclose material information to investors. Luckin said at the time that it would request a hearing with Nasdaq in an attempt to keep its shares trading on the exchange.

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Source Fool.com