On Tuesday, the Nasdaq-listed company announced that it has fired its CEO and founder, Jenny Zhiya Qian, amid an ongoing internal investigation into fabricated sales figures. It’s a stunning fall for Qian, a former auto executive who opened Luckin Coffee’s first store in Beijing in October 2017. On March 6, Forbes estimated that Qian, who owns around 15% of Luckin’s stock, had a net worth of $1.3 billion. The stock remains suspended from trading; Qian and Lu are now worth $150 million and $500 million, respectively. Luckin has advised that its 2019 second and third quarter results, as well its fourth quarter guidance, can no longer be relied upon due to the fabricated sales figures.

Source: Forbes May 13, 2020 16:52 UTC