Luckin shareholders to vote on ousting Chairman Lu, shares fall

Luckin Coffee

22/06/2020 13:53

** Chinese coffee chain's shares  LK.O  fall 9% to $3.47
premarket
    ** LK shareholders will vote to oust founder and chairman
Charles Zhengyao Lu and other directors at an extraordinary
general meeting on July 5, IFR news reported on Monday
 urn:newsml:reuters.com:*:nL4N2DZ152
    ** Stock has crashed since April, when an internal probe
revealed a top executive fabricated 2019 sales, which led to
defaulting on a loan secured by millions of shares
    ** Co has already fired CEO and COO, both aides of Lu who
earlier held top roles at Car Inc and UCar Inc, both founded by
Lu     
    ** Stock, which was halted from April 7 to May 19, has lost
~85% of its value since the probe was revealed 

 (Reporting by Nivedita Balu in Bengaluru)
 ((Nivedita.Balu@thomsonreuters.com; within U.S. +1 646 223
8780; outside U.S. +91 80 6749 4822/ Twitter: @niveditabalu;))