Luckin Coffee's CEO Is Out Due To Fabricated Transactions

Luckin Coffee LK board has terminated Jenny Zhiya Qian and Jian Liu from the positions of the CEO and the COO, respectively.

The termination of the two positions are related to fabricated transactions disclosed April 2. The changes to Luckin's board of directors and senior management were effective Monday.

Jinyi Guo, a director to the board and a senior vice president of the company, is Luckin's acting CEO, and the board appointed Wenbao Cao and Gang Wu as directors.

Luckin Coffee has also placed six other employees who were involved in or had the knowledge of the fabricated transactions on suspension or leave.

The stock has been halted for trading since April 7. 

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Photo by N509FZ via Wikimedia.