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After trading resumes, Luckin Coffee stock sinks 35 percent and one analyst says investors are ‘wiped out’
Luckin Coffee Inc. stock slumped 32 per cent after trading again after more than a month, and Quo Vadis Capital believes the stock will continue to sink.
Shares were closed down 35.8 per cent on Wednesday.
Luckin LK, -28.01 per cent is being investigated for financial misconduct and its top executives, including former chief executive of the company Jenny Zhiya Qian, have been terminated.
The company is accused of manufacturing about $310 million of transactions.