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LKNCY.US
id: 430, Created by Stan Vick Chase, Scout
Luckin Coffee
Settled
10 January 2020
Class period Start10 January 2020
Class period End30 January 2023
Claim deadlineIn re Luckin Coffee Inc. Securities Litigation.
Luckin Coffee agreed to pay $7 million to settle a securities class action lawsuit.
Eligible Investors can be those who purchased or otherwise acquired Luckin Coffee Inc. Convertible Notes issued on or about January 10, 2020, and did not release claims based on your purchase or acquisition of the Convertible Notes in connection with Luckin’s noteholder Scheme of Arrangement, or otherwise.
As more fully described in the Notice of Proposed Settlement of Class Action, the Plaintiffs alleged that in January 2020, Luckin offered $460 million in Convertible Notes pursuant to materially false Offering documents. The Offering documents represented that Luckin was enjoying tremendous sales and revenue growth. However, the growth rate was in part the product of misconduct orchestrated by the Company’s most senior executives, officers, and directors. Luckin later announced that certain Company employees fabricated $310 million worth of transactions in order to create the appearance of revenue and operational growth. Following disclosure of this wrongdoing, the price of the Convertible Notes fell to 80% below par, causing damages to the purchaser of the Convertible Notes.
Luckin Coffee agreed to settle with investors to avoid further litigation.
Alleged Offence
Other
Suspected Party
Other
Security Type
Bonds
Trade Direction
Long
Lead plaintiff
Kimson Chemical, Inc., Teamsters Local 710 Pension Fund, Michael Bergenholtz, City of Fort Myers Police Officers’ Retirement System
Attorney
Robbins Geller Rudman & Dowd LLP, Berger Montague PC, Shapiro Haber & Urmy LLP
Court
Supreme Court
Judge
Hon. Andrew Borrok
Administrator
Gilardi & Co LLC
Court hearing date
31 January 2023
Settlement conditions
if you purchased or otherwise acquired Luckin Coffee Inc. (“Luckin”) Convertible Notes issued on or about January 10, 2020 (the “Convertible Notes”) and did not release claims based on your purchase or acquisition of the Convertible Notes in connection with Luckin’s noteholder Sc
+$7,000,000
Total Settlement Amount