Looming stock liquidations threaten to erode Luckin chairman’s control over the upstart coffee chain, which disclosed that as much as $310 million of its 2019 sales had been faked
Banks including Credit Suisse Group AG have won court orders to liquidate tens of millions of dollars in Luckin Coffee Inc. stock owned by embattled Chairman Charles Lu, a development that could weaken his control over the company as a crucial shareholder vote looms.
The Grand Court of the Cayman Islands ruled in favor of the lenders, which are owed $324 million after Mr. Lu defaulted on a margin loan facility, according to the judgment.
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