US regulators have hit Luckin Coffee with a $180m penalty after finding that the scandal-plagued Chinese chain altered bank records and set up a fake database as part of an effort to fabricate its accounts.
The Securities and Exchange Commission on Wednesday charged the company with defrauding investors by materially misstating revenue and expenses, inflating its growth rates and understating its losses.
Luckin agreed to the settlement, which is subject to court approval, without admitting or denying the allegations.
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