Earlier this week, Chinese regulators raided the offices of Nasdaq-listed Luckin Coffee after the company announced its former chief operating officer had overstated roughly $310 million of sales.
Incorporated in 2017, the company was listed on Nasdaq in early 2019 and operates in excess of 4,500 coffee shops in China. Seen as a local rival to Starbucks, Luckin Coffee achieved a market value of $4 billion, but share prices have fallen by 80-percent-plus since word of the fabricated transactions.
