Luckin Coffee shares tank after COO suspended following alleged misconduct

(Reuters) – Shares of Luckin Coffee Inc sank 85% on Thursday after it said it suspended its chief operating officer and several other employees for misconduct related to the fabricating of transactions.

The company said the suspensions were the result of initial recommendations from a special committee appointed to investigate issues in its consolidated financial statements for 2019.

(Reporting by Nivedita Balu in Bengaluru; Editing by Bernard Orr)