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DJ Chinese Coffee Chain Luckin Files For Bankruptcy In New York -- MarketWatch

· 02/05/2021 04:43
For more from MarketWatch: http://www.marketwatch.com/newsviewer

Luckin Coffee filed for Chapter 15 bankrupty in New York, the company said in a statement on Friday. All of its coffee chains will remain open, said Luckin, in a statement. In December (http://www.marketwatch.com/story/luckin-coffee-charged-with-fraud-to-pay-180-million-in-settlement-sec-says-11608159177), U.S. securities regulators charged Luckin Coffee with accounting fraud and alleged that the big competitor to Starbucks (SBUX) in China had fabricated sales and misstated other financial metrics to present a more positive profile for investors. American depositary shares of Luckin Coffee had traded on the Nasdaq Composite until mid-July.

-Barbara Kollmeyer

(END) Dow Jones Newswires

February 05, 2021 04:43 ET (09:43 GMT)

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