OKLAHOMA CITY – Oklahoma City-based law firm Federman and Sherwood is conducting an investigation related to a securities lawsuit against the Chinese coffee company Luckin Coffee Inc., the law firm announced recently.
Luckin, which was accused of deceiving its stockholders, has admitted committing financial fraud, the law firm said in a news release. The company and its affiliates were later fined for engaging in sales fraud, and additional penalties are possible.
Luckin allegedly misrepresented the amount of revenue it was generating, which may have artificially inflated its stock price between May 17, 2019, and April 2 of this year, according to the news release.
Federman and Sherwood is hoping to recover damages on behalf of Luckin shareholders who bought common stock in the company during the time period in question, according to the news release. Investors who bought in the company’s public offering on or around May 17, 2019, may also consider joining the lawsuit to recover their losses.
For more information, contact Robin Hester at rsh@federmanlaw.com