Glancy Prongay & Murray Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Luckin Coffee Inc. (LK)

LOS ANGELES, CA / ACCESSWIRE / March 30, 2020 / Glancy Prongay & Murray LLP ("GPM") reminds investors of the upcoming April 13, 2020 deadline to file a lead plaintiff motion in the class action filed on behalf of Luckin Coffee Inc. ("Luckin" or the "Company") (NASDAQ:LK) securities between November 13, 2019 and January 31, 2020 inclusive (the "Class Period").

If you suffered a loss on your Luckin investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information here or contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, via email shareholders@glancylaw.com or visit our website at www.glancylaw.com to learn more about your rights.

On January 31, 2020, Muddy Waters Research ("Muddy Waters") published an anonymous report alleging that Luckin "had evolved into a fraud by fabricating financial and operating numbers starting in [the] 3rd quarter 2019." Among other allegations, Muddy Waters claims that the "[n]umber of items per store per day was inflated by at least 69% in 2019 3Q and 88% in 2019 4Q" and that "Luckin inflated its net selling price per item by at least RMB 1.23 or 12.3%."

On this news, Luckin's share price fell $3.91, or nearly 11%, to close at $32.49 per share on January 31, 2020, thereby injuring investors.

The complaint alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose: (1) that certain of Luckin's financial performance metrics, including per-store per-day sales, net selling price per item, advertising expenses, and revenue contribution from "other products" were inflated; (2) that Luckin's financial results thus overstated the Company's financial health and were consequently unreliable; and (3) that, as a result, the Company's public statements were materially false and misleading at all relevant times.

If you purchased or otherwise acquired Luckin securities during the Class Period, you may move the Court no later than April 13, 2020 to request an appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class-action lawsuit, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

CONTACT:

Glancy Prongay & Murray LLP, Los Angeles
Charles Linehan, 310-201-9150 or 888-773-9224
shareholders@glancylaw.com
www.glancylaw.com

SOURCE: Glancy Prongay & Murray LLP

ReleaseID: 582914

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