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LKNCY.US
id: 536, Created by Stan Vick Chase, Scout
In re Luckin Coffee Inc. Securities Litigation
Settled
17 May 2019
Class period Start01 April 2020
Class period End15 March 2022
Claim deadlineLuckin Coffee Inc. (LK) agreed to pay up to $175 million to settle a securities class action lawsuit to avoid further litigation.
The Complaint alleged that the Company and its Leaders made false and/or misleading statements and/or failed to disclose that:
- certain of Luckin’s financial performance metrics, including per-store per-day sales, the net selling price per item, advertising expenses, and revenue contribution from “other products” were inflated;
- Luckin’s financial results thus overstated the Company’s financial health and were consequently unreliable.
Alleged Offence
Other
Suspected Party
Other
Security Type
Depository Securities (ADS, ADR, GDR)
Trade Direction
Long
Case number
20-CV-01293
Filing date
13 February 2020
Lead plaintiff
Sjunde AP-Fonden, Louisiana Sheriffs’ Pension & Relief Fund
Attorney
Bernstein Litowitz Berger & Grossmann LLP (New York, NY), Kessler Topaz Meltzer & Check LLP (Radnor, PA)
Defendants
Hui Li, Erhai Liu, Jinyi Guo, Sean Shao, Thomas P. Meier
Court
Southern District of New York
Judge
Hon. Lewis J. Liman
Administrator
EPIQ
Court hearing date
22 July 2022
Objection deadline
24 June 2022
Hearing deadline
24 June 2022
+$175,000,000
Total Settlement Amount