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July 2, 2020, 4:40 p.m. EDT

Luckin Coffee board fails in attempt to oust chairman

Disgraced Chinese coffee chain Luckin Coffee Inc. (OTC:LKNCY) disclosed Thursday afternoon that the board of directors' attempt to oust its chairman had failed. The board announced the previous Thursday that it would hold a vote to dismiss Charles Zhengyao Lu as a member of the board and the chairman, but said the vote failed to hit the two-thirds threshold needed to actually take the action. Luckin said at the time that the effort was a result of its investigation into the company, which has already dismissed a number of top executives including the chief executive. The company completed its internal investigation earlier in the week, disclosing that revenue was inflated by roughly $300 million in 2019. The stock was delisted from the Nasdaq and currently trades over the counter.

Link to MarketWatch's Slice.