Luckin Coffee says inquiry against CEO finds no evidence of misconduct

FILE PHOTO: A cup of 'Luckin Coffee' coffee is poured during the company's IPO at the Nasdaq Market site in New York, U.S., May 17, 2019. REUTERS/Brendan McDermid/File Photo

Chinese coffee chain Luckin Coffee said on Wednesday its board had found no evidence of misconduct by Chief Executive Jinyi Guo during a month-long investigation into allegations made by some employees.

Guo, who took over after the competitor to Starbucks ousted co-founder and chairman Charles Zhengyao amid an internal fraud investigation, had denied the allegations.

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