Luckin, Rival to Starbucks in China, Says Employees Fabricated 2019 Sales; Stock Plummets

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Luckin, Rival to Starbucks in China, Says Employees Fabricated 2019 Sales; Stock Plummets
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A Starbucks rival in China said several employees fabricated much of its reported sales in 2019

Luckin Coffee Inc., an upstart rival to Starbucks Corp. in China that touted itself as the country’s largest coffee chain by stores, said several employees fabricated much of its reported sales in 2019, the year the company went public on the Nasdaq Stock Market.

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