LK - Luckin's Chairman Is Pulling Out All the Stops to Retain Control and Avoid Scrutiny
According to The Wall Street Journal, beleaguered Chinese coffee chain Luckin Coffee (NASDAQ: LK) will hold an extraordinary meeting of shareholders on July 5, which apparently is designed to oust four of its directors, including controversial Chairman Lu Zhengyao ("Charles Lu"), while also electing two new independent directors.
Along with Lu, shareholders will also decide whether or not to oust three other directors, including early investors David Li and Erhai Liu, along with independent director Sean Shao, who was leading the internal investigation into Luckin's recent accounting improprieties.