Why Luckin Coffee Stock Dropped Today
Shares of Luckin Coffee (NASDAQ: LK) fell nearly 13% on Monday following reports that its chairman and largest shareholder could face criminal charges.
Chairman Lu Zhengyao (who also goes by the name Charles Lu) will reportedly face criminal charges in China after authorities found emails that he allegedly sent to Luckin employees instructing them to commit fraud, according to Chinese news service Caixin.
More bad news drove Luckin Coffee's stock lower on Monday. Image source: Getty Images.
Source Fool.com
