Nasdaq informs Luckin Coffee it must delist after fraud bombshell

An internal investigation showed its chief operating officer and other employees fabricated sales deals

Nasdaq Inc has delivered a notice to China’s Luckin Coffee Inc informing it that it has to delist from the U.S. stock exchange, people familiar with the matter said on Tuesday.

LUCKIN COFFEE FIRES CEO, COO AFTER FRAUD INVESTIGATION

Luckin Coffee, which had a U.S. IPO in early 2019, announced last month that an internal investigation had shown its chief operating officer and other employees fabricated sales deals.

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The sources requested anonymity ahead of an official announcement. Luckin Coffee and Nasdaq did not immediately respond to requests for comment.