瑞幸投资者代理律所为Kessler Topaz Meltzer & Check和Bernstein Litowitz Berger & Grossmann，两家律所都专注于在证券欺诈中代理投资者。瑞幸代理律所则为达维律师事务所。
Luckin Coffee and investors settle on $175 mln class action
China coffeehouse chain Luckin Coffee has reached a $175 million settlement of shareholder class-action claims that the company fraudulently inflated its share price by falsifying revenue.
The shareholders were represented by Kessler Topaz Meltzer & Check and Bernstein Litowitz Berger & Grossmann, both are acknowledged law firms in the field of plaintiff representation. Meanwhile Luckin was represented by Davis Polk & Wardwell.
Luckin went public on NASDAQ in 2019. According to Reuters, shareholders sued Luckin in February 2020, two weeks after short-seller Muddy Waters Research accused it of inflating revenue. Two months later, the company said an internal probe found that its chief operating officer and other staff fabricated about 40% of annual sales.
The SEC said Luckin raised more than $864 million from equity and debt investors while the fraud was taking place. Luckin agreed last December to pay a $180 million fine to settle SEC’s accounting fraud civil charges.
The final approval is scheduled on Jan. 31, 2022 to be announced. The settlement also requires approval by a Cayman Islands court.
Luckin denied wrongdoing. By the end of March it has about 5,000 stores.
Chinese social media platform Renren Inc. has just reached at least $300 million agreement to resolve its dispute with U.S. shareholders last week.
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