Luckin Coffee's technology chief resigns amidst accounting scandal: report
The U.S. Securities and Exchange Commission is investigating the coffee chain for fabricating millions of dollars worth of sales deals.
Luckin Coffee’s chief technology officer has resigned, the latest blow to the chain once touted as Starbucks’ rival in China.
Citing people familiar with the matter, The Wall Street Journal (WSJ) reported that He Gang left Luckin on Thursday, 30 April, roughly seven months after joining the company. His departure also follows a recent resignation by a board member.
In an earlier report, the WSJ also said that the U.S. Securities and Exchange Commission is investigating Luckin Coffee for fabricating millions of dollars worth of sales deals last year.
Earlier this month, the chain - having built a reputation for its aggressive expansion strategy - said an internal investigation revealed that its chief operating officer and other employees were suspended for fabricated sales deals worth about 2.2 billion yuan (US$310.77 million).
