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Feb. 5, 2021, 4:43 a.m. EST

Chinese coffee chain Luckin files for bankruptcy in New York

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By Barbara Kollmeyer

Luckin Coffee filed for Chapter 15 bankrupty in New York, the company said in a statement on Friday. All of its coffee chains will remain open, said Luckin, in a statement. In December, U.S. securities regulators charged Luckin Coffee with accounting fraud and alleged that the big competitor to Starbucks /zigman2/quotes/207508890/composite SBUX -0.16% in China had fabricated sales and misstated other financial metrics to present a more positive profile for investors. American depositary shares of Luckin Coffee had traded on the Nasdaq Composite /zigman2/quotes/210598365/realtime COMP -1.92% until mid-July.

/zigman2/quotes/207508890/composite
US : U.S.: Nasdaq
$ 111.24
-0.18 -0.16%
Volume: 7.01M
Dec. 3, 2021 4:00p
P/E Ratio
31.42
Dividend Yield
1.76%
Market Cap
$130.51 billion
Rev. per Employee
$75,872
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/zigman2/quotes/210598365/realtime
US : Nasdaq
15,085.47
-295.85 -1.92%
Volume: 4.96M
Dec. 3, 2021 5:16p
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