02/17/2021 | Press release | Distributed by Public on 02/17/2021 06:42
As previously announced on the Company's website, on January 4, 2021, the Board of Directors (the 'Board') of Luckin Coffee Inc. (the 'Company') received a letter (the 'Petition Letter') from certain employees containing allegations against the Company's Chairman and CEO, Dr. Jinyi Guo.
The Board immediately formed an independent panel (the 'Special Panel'), comprising one of the joint provisional liquidators appointed by the Grand Court of the Cayman Islands and independent directors, to conduct an investigation into the allegations and the circumstances of the letter. The Special Panel engaged outside counsels and forensic accounting experts to form an investigation team (the 'Investigation Team'), and instructed the Investigation Team to conduct a comprehensive and independent investigation into the allegations contained in the Petition Letter.
Over the duration of a month, the Investigation Team interviewed nearly 40 individuals, both external parties and Company personnel, including individuals who signed the Petition Letter, reviewed more than 50,000 transaction documents, Company policies and procedures, emails and other documents and records, and has now concluded its work.
With its investigation now completed, the Investigation Team found no evidence substantiating misconduct by Dr. Guo as alleged in the Petition Letter, and has reported its findings to the Company's Board.
The Investigation Team did find during the investigation that certain members of the Company's former management participated in the planning of the Petition Letter.
The Company's Board will continue to fully support Dr. Guo and the management team as they continue to execute on the Company's long-term growth strategy.
The Company's Board and management are committed to complying with all applicable laws and regulations, adhering to best practices for compliance and corporate governance, and offering products with high quality, affordability and convenience to its customers in China.
Board of Directors of Luckin Coffee Inc.
February 17, 2021