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Luckin Coffee Inc. a China-based rival to Starbucks, said Thursday that it has launched an investigation into "fabricated sales" reports that could have totalled more than 2.2 billion yuan ($300 million).
Shares plunged more than 80 per cent in premarket trading after the release of the filing with the U.S. Securities and Exchange Commission.
Nasdaq-listed Luckin said it's assessing the impact of the investigation into the fake sales, which traced back to the second quarter of 2019 and is linked to its chief operating officer, on its financial statements . . .
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