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Luckin Coffee fires top executives over fraud scandal

Sackings come after investor flight from coffee chain

Luckin Coffee CEO Jenny Qian Zhiya, right, exchanges a high-five with barista Andrea Lattuada during the company's IPO at the Nasdaq in New York in May 2019.   © Reuters

NEW YORK -- Luckin Coffee has removed its CEO Jenny Qian Zhiya and chief operating officer Liu Jian from their posts, the company said Tuesday, following a flight of investors and company insiders over a high-profile accounting scandal.

The termination of the two C-suite executives, along with their resignation from Luckin's board, comes a little over a month after the Nasdaq-listed company admitted to fabricating $310 million in sales last year.

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