Luckin Coffee Fires CEO and COO
In what can be seen as an inevitable move, Luckin Coffee (NASDAQ: LK) fired the two executives allegedly connected to a recent scandal. The company announced Tuesday that it relieved CEO Jenny Zhiya Qian and COO Jian Liu of their positions. It also demanded, and received, their resignations as members of the board of directors.
Last month, it came to light that Luckin Coffee exaggerated its sales figures for last April through September by 2.2 billion yuan ($310 million). The company launched an internal investigation into the matter and suspended Liu. It has since suspended or placed on leave another six employees who it says "were involved in or had the knowledge of the fabricated transactions." The positions and identities of those people have not been revealed.
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Source Fool.com
