Luckin Board Still Pushing for Chairman Ouster as Probe Ends (1)

Luckin Coffee said its Special Committee has substantially completed its independent internal investigation, and found that the fabrication of transactions began in April 2019.

• Company’s former CEO Jenny Zhiya Qian, former COO, Jian Liu and certain employees reporting to them participated in the fabricated transactions
  • Funds supporting the fabricated transactions were funneled to the Company through a number of third parties associated with the Company employees and/or related parties
  • Board terminated its former Chief Executive Officer and former Chief Operating Officer
• Board resolved to require Mr. Charles Zhengyao Lu to resign as a director and the chairman
  
  • Meeting of the ...