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LK - Why Luckin Coffee Stock Just Dropped Another 16%
Luckin Coffee
Shares of beleaguered Chinese coffeehouse chain Luckin Coffee (NASDAQ: LK) had tumbled another 16.8% through 11:35 a.m. EDT on Monday.
Over the weekend, The Wall Street Journal reported that banks that had extended margin loans to Luckin chairman Charles Lu have sued and won the right to sell tens of millions of dollars worth of Luckin stock owned by the chairman to collect money he owes them.