Luckin Coffee stock jumps after financial restatement

Luckin Coffee Inc. LKNCY, 27.60% stock jumped 14.2% in Wednesday trading after the Chinese-based coffee purveyor released its restated fourth-quarter 2019 financial results. Luckin Coffee “substantially completed” an internal investigation last year that found financial misconduct started in April 2019 resulting in inflation of 2019 net revenue by RMB2.12 billion (approximately $328 million, by today’s conversion).

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