New York (CNN Business) Luckin Coffee fired its CEO after the Chinese homegrown rival to Starbucks was found to have fabricated sales. Luckin disclosed on April 2 that it had suspended Liu after discovering he and several of his direct reports "had engaged in certain misconduct, including fabricating certain transactions." These amounted to about 2.2 billion yuan (approximately $310 million) from the second quarter to the fourth quarter of last year. Jinyi Guo, a senior vice president and board director, has been named acting CEO. As of late last year the company had 3,680 stores, which was an increase of more than 200% from a year earlier.

Source: CNN May 12, 2020 19:07 UTC