Luckin Coffee reaches $175m class action settlement over accounting fraud

Luckin Coffee reaches $175m class action settlement over accounting fraud

FILE PHOTO: A Luckin Coffee logo is seen at a closed store in Beijing, following the novel coronavirus disease (COVID-19) outbreak, China, April 16, 2020. REUTERS/Tingshu Wang

Luckin Coffee Inc shareholders asked a U.S. judge to approve a $175 million settlement of class-action claims that the Chinese rival to Starbucks fraudulently inflated its share price by falsifying revenue.

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