In January 2020, short-seller Muddy Waters tweeted that it was short Luckin Coffee after receiving an 89-page anonymous report that accused it of fraud. In February, short-sellers Ash Illuminations and J-Capital joined the fray. In April, Luckin announced that an internal investigation had found that approximately half its sales had been fabricated between 2Q19 and 4Q19. The stock collapsed 79%. It was delisted from the NASDAQ in June.

Last updated September 2021

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