4/2/2020, 4:00 PM (Source: TeleTrader)
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Luckin Coffee plunges 70% on COO misconduct

Shares of Chinese coffeehouse chain Luckin Coffee plummeted nearly 70% on Thursday after the company suspended its chief operating officer Jian Liu and several other employees due to misconduct.

Luckin Coffee said an internal investigation found that Liu and some of the staff that reported to him fabricated 2019 sales by about 2.2 billion yuan ($310 million).

The coffeehouse chain's stock plunged 69.12% at 9:49 am ET.

Baha Breaking News (BBN) / NP