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Luckin's Independent Board Member Quits Barely 3 Months Into The Job

Luckin's Independent Board Member Quits Barely 3 Months Into The Job

Scandal-tainted Luckin Coffee Inc – ADR (NASDAQ: LK) is finding it hard to retain talent and advisors.

What Happened:  The Chinese coffee retailer, which has been embroiled in a controversy over financial irregularities that claimed its CEO and COO, announced Friday it has been notified by board member Tianruo Pu that he intends to resign from the board effective immediately, citing personal reasons.

Pu is also stepping down from the board's Audit Committee and the three-member Special Committee of the board instituted in early April to oversee an internal investigation into certain issues related to the financial statements for the fiscal year ended Dec. 31, 2019.

Following Pu's resignation, the Special Committee consists of Sean Shao and Wai Yuen Chong, with Shao serving as chairman, according to Luckin. 

Pu was appointed as an independent director and a member of the Audit Committee March 27 along with Yuen Chong.

Thomas Meier, who was also part of the Audit Committee, announced his resignation April 23.

What's Next: Luckin has continued forward despite the accounting scandal and escaping a potential delisting by the skin of its teeth.

The stock was down 0.6% at $3.94 at the time of publication Friday. 

Related Links:

What's Behind The Luckin Coffee Rally?

Luckin Coffee Short Sellers Make $1.1B In Profits As Shares Continue Plummet

Photo by N509FZ via Wikimedia


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Posted-In: China coffeeNews Penny Stocks Global Best of Benzinga

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