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Briefing
asia

China’s Starbucks Rival Luckin Says Executive Fabricated $300 Million in Sales

By
Shai Oster
· · Source: CNBC

Luckin Coffee, the online coffee-delivery startup that challenged Starbucks in China, said its COO fabricated some $300 million of sales. Shares of the Nasdaq-listed company fell some 70% after the announcement. The company had earlier denied allegations by short seller Muddy Waters that it had made up its figures. The company said an internal investigation had revealed that its chief...

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