WELLINGTON, Fla., April 06, 2020 (GLOBE NEWSWIRE) -- Barbuto & Johansson, P.A. (“BARJO”) and Of Counsel, Neil Rothstein, Esq. (with over 30 years of Securities Class Action Experience, including cases against ENRON and Halliburton) remind investors of the class action lawsuit filed on behalf of purchasers of the securities of Luckin Coffee Inc. (NASDAQ: LK): (1) from May 17, 2019 through April 2, 2020, inclusive (the “Class Period”); (2) in or traceable to the Company’s public offering of ADSs conducted on or around May 17, 2019 (the “IPO”); and/or (3) in or traceable to the Company’s public offering of ADSs conducted on or around January 10, 2020 (the “2020 Offering”). The lawsuit seeks to recover damages for Luckin investors under the federal securities laws. Purchasers of Luckin stock (except defendants) at any time through April 2, 2020 should contact the attorneys listed below.
On April 3, 2020, Luckin Coffee announced that it formed a special committee to oversee an investigation concerning the fabrication of transactions from the second through fourth quarter of 2019, believed to be worth 2.2 billion Chinese Yuan ($310 million) by the Company’s COO and several employees reporting to him. The COO and employees implicated in the misconduct have been suspended, and the contracts and dealings involving these parties have been terminated.
As the Company assesses the overall financial impact of the misconduct, it has stated that “…investors should no longer rely upon the Company’s previous financial statements and earnings releases for the nine months ended September 30, 2019 and the two quarters starting April 1, 2019 and ended September 30, 2019, including the prior guidance on net revenues from products for the fourth quarter of 2019, and other communications relating to these consolidated financial statements.”
The Company’s stock continues to plunge, the investigation ensues, and billions of dollars in losses of shareholder wealth have occurred.
If you purchased shares in Luckin Coffee, contact Anthony Barbuto, at (888) 715-2520 or via email at anthony@barjolaw.com; or Neil Rothstein at (330) 860-4092 or email at neil@barjolaw.com. An attorney will contact you to discuss this case, your options as a class member or any questions you have about this process.
Barbuto & Johansson, P.A.
Anthony Barbuto, Esq.
1-888-715-2520
12773 Forest Hill Blvd., 101
Wellington, FL 33414
www.barjolaw.com