Barbuto & Johansson Litigation Update Luckin Coffee (NASDAQ: LK): Shares Plunge to Lowest Share Price; Lender Syndicate Seeks Enforcement Action
WELLINGTON, Fla., April 7, 2020 /PRNewswire/ -- Barbuto & Johansson, P.A. ("BARJO") and Of Counsel, Neil Rothstein, Esq. (with over 30 years of Securities Class Action Experience, including cases against ENRON and Halliburton) remind investors of the class action lawsuit that has been filed on behalf of purchasers of the securities of Luckin Coffee Inc. (NASDAQ: LK): (1) from May 17, 2019 through April 2, 2020, inclusive (the "Class Period"); (2) in or traceable to the Company's public offering of ADSs conducted on or around May 17, 2019 (the "IPO"); and/or (3) in or traceable to the Company's public offering of ADSs conducted on or around January 10, 2020 (the "2020 Offering"). The lawsuit seeks to recover damages for Luckin investors under the federal securities laws. Purchasers of Luckin stock (except defendants) at anytime through April 2, 2020 may contact the attorneys listed below for more information.
As the investigation continues over the alleged fabrication of transactions by the Company's Chief Operation Officer and several employees reporting to him, a syndicate of lenders are now seeking to sell up to 76.35 million shares that were pledged as collateral on a loan defaulted by an entity controlled by the family trust of the Company's Chairman and Chief Executive Officer. The stock plunged yesterday to its lowest share price.
If you purchased shares in Luckin Coffee, you may contact Anthony Barbuto, at (888) 715-2520 or via email at [email protected]; or Neil Rothstein at (330) 860-4092 or email at [email protected] to discuss this case, your options as a class member or any questions you have about this process.
BARJO follows the principles set forth in the case Berger v. Compaq, 257 F.3d 475 (5th Cir, 2001) which states "[c]lass action lawsuits are intended to serve as a vehicle for capable, committed advocates to pursue the goals of the class members through counsel, not for capable, committed counsel to pursue their own goals through the class members."
Barbuto & Johansson, P.A.
Anthony Barbuto, Esq.
1-888-715-2520
12773 Forest Hill Blvd., 101
Wellington, FL 33414
www.barjolaw.com
SOURCE Barbuto & Johansson, P.A.
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