1. This requires 4 pages of content and 1 page of references.
2. There need to be at least 5 different scholarly journal article references in APA.
3. No abstract or title page needed.
Key words and Definitions
Delisting – the removal of a stock from trading on a specific stock exchange that occurs when a firm fails to meet the exchanges continued listing requirements.
Accounting fraud – the intentional manipulation of financial statements to mislead investors and others about the firm’s financial health.
Audit – an official inspection of a firm’s financial accounts and statements. .
Summary: Key Points in the Article.
Lu Zhengyao, the cofounder Luckin Coffee, which is China’s equivalent to Starbucks, apologized for the accounting scandal that will likely result in Luckin’s delisting from Nasdaq. Nasdaq informed the company it would be removed from the exchange due to the accounting fraud and subsequent collapse in share price.
Luckin requested a hearing after being notified of the delisting and the stock will continue to trade until that time. Lu maintains he “didn’t play tricks” to cheat investors and begged for everyone to go easy on the firm that still employs tens of thousands of workers. However, Luckin admitted that a large percentage of 2019 revenues were falsified. Luckin stock is currently trading at $2.82 a share, or about the price of a latte in China.
Full Article-Click Here: https://www.cnn.com/2020/05/21/business/luckin-founder-nasdaq-apology-intl-hnk/index.html
Thinking Critically Questions:
Why is Luckin being delisted from the Nasdaq?
How will delisting impact the firm (e.g. its stock price, liquidity, credit rating, and financing costs etc) ?
What is the likely outcome from existing and potential shareholders of the hearing on Luckin’s delisting?
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