Statement from Luckin Coffee on Court Approval of SEC Settlement
On December 16, 2020, Luckin Coffee announced that it had reached a settlement with the United States Securities and Exchange Commission (the “SEC”) regarding the SEC’s investigation of fabricated transactions perpetrated by certain former executives and employees. At that time, Luckin Coffee noted that the proposed settlement was subject to approval from the United States District Court for the Southern District of New York (the “Court”).
Luckin Coffee is pleased to announce that the settlement received the necessary approval from the Court on February 4, 2021, representing another positive step forward in the Company’s ongoing efforts to remediate the issues arising from the previously reported fabricated transactions.
All Luckin Coffee stores are open for business, offering products with high quality, affordability and convenience to its customers in China. The Company continues to meet its trade obligations in the ordinary course of business, including paying suppliers, vendors and employees.