Lead Plaintiff, Counsel Selected in Luckin Coffee Class Action

Swedish pension fund Sjunde AP-Fonden, or AP7, and the Louisiana Sheriffs’ Pension & Relief Fund will lead a securities class action against Luckin Coffee Inc., a Chinese coffeehouse chain embroiled in an accounting scandal, a federal court in Manhattan said.

Their attorneys at Bernstein Litowitz Berger & Grossmann LLP and Kessler Topaz Meltzer & Check LLP were also appointed class counsel.

Muddy Waters Research in January published a report stating that Luckin had fabricated key financial performance metrics. Luckin in April announced that investors shouldn’t rely on the company’s previous financial statements, and later admitted that its chief operating officer ...