Why Luckin Coffee Stock Surged Today

Why Luckin Coffee Stock Surged Today

Shares of Luckin Coffee (NASDAQ: LK) continued to rally today as some investors believe the low-priced Chinese coffee chain is a bargain after revelations of fraud caused the stock to plunge. Shares of the fast-growing Chinese coffee chain imploded after the company admitted it had faked transactions to inflate its sales. The exchange said it planned to delist Luckin because of the fabricated transactions and failure to disclose material information.