Barbuto & Johansson, P.A. Informs Investors of Luckin Coffee Fraud Class Action: Shares Plummet Over 80%

4/3/2020, 8:00 AM (Source: GlobeNewswire)

WELLINGTON, Fla., April 03, 2020 (GLOBE NEWSWIRE) -- Barbuto & Johansson, P.A. (“BARJO”) and Of Counsel, Neil Rothstein, Esq. (with over 30 years of Securities Class Action Experience, including cases against ENRON and Halliburton), announces that a class action lawsuit has been filed on behalf of purchasers of the securities of Luckin Coffee Inc. (NASDAQ: LK) from May 17, 2019 through April 2, 2020, inclusive (the “Class Period”); in or traceable to the Company’s public offering of ADSs conducted on or around May 17, 2019 (the “IPO”); and/or in or traceable to the Company’s public offering of ADSs conducted on or around January 10, 2020 (the “2020 Offering”).  The lawsuit seeks to recover damages for Luckin investors under the federal securities laws. 

Anyone (except Defendants named in the lawsuit) who purchased shares in Luckin Coffee at any time may contact a BARJO attorney listed below immediately to discuss this case.

The lawsuit alleges that Defendants and certain of its officers misled investors about Luckin’s operations and compliance policies.  Specifically, Defendants misrepresented and concealed that certain of the Company’s financial performance metrics were inflated, and its financial reports overstated the Company’s financial health and were therefore unreliable.

The Company’s COO was suspended and is under investigation after allegedly fabricating transactions totaling 2.2 billion Yuan ($310 million).  The stock opened on April 2, 2020 at $4.91, down over 80% from the prior day’s closing price of $26.20.  On April 2, 2020, the Company disclosed that it is investigating reports that Liu and certain employees fabricated

If you purchased shares in Luckin Coffee, you may contact Anthony Barbuto at (888) 715-2520 or via email at anthony@barjolaw.com; or Neil Rothstein at (330) 860-4092 or email at neil@barjolaw.com.  An attorney will contact you to discuss this case, your options as a class member or any questions you have about this process.

BARJO follows the principles set forth in the case Berger v. Compaq, 257 F.3d 475 (5th Cir, 2001) which states “[c]lass action lawsuits are intended to serve as a vehicle for capable, committed advocates to pursue the goals of the class members through counsel, not for capable, committed counsel to pursue their own goals through the class members.”

Barbuto & Johansson, P.A.
Anthony Barbuto, Esq.
1-888-715-2520
12773 Forest Hill Blvd., 101
Wellington, FL 33414
www.barjolaw.com

Copyright GlobeNewswire, Inc. 2016. All rights reserved.
You can register yourself on the website to receive press releases directly via e-mail to your own e-mail account.