As expected, LK Coffee has delayed Q2 earnings. Senior management seem to be continuing to shirk responsibility and keep investors in the dark, as they have chosen to blame Coronavirus – as opposed to the ongoing internal probe into the size of the fraud. Other firms, including Starbucks, have released earnings without incident. At what point will the LK managers be more transparent and honest with investors?
~~~ References and Further Reading ~~~
http://investor.luckincoffee.com/financial-information/sec-filings
https://www.reuters.com/article/us-luckin-coffee-investigation/luckin-coffee-delays-annual-filing-amid-accounting-probes-idUSKBN22B271
https://www.crunchbase.com/organization/luckin-coffee#section-funding-rounds
source
