Starbucks shares rise after Luckin Coffee bankruptcy

USA: CHINESE COMPANY LUCKIN COFFEE ASKS FOR BANKRUPTCY IN NEW YORK
Madrid, 02/05/2021 - Luckin Coffee has filed for bankruptcy in New York, the Chinese company said in a statement on Friday. However, the company, which competes with Starbucks in China, said that all coffee chain stores will remain open.

In December, US securities regulators pointed to signs of accounting fraud by Luckin Coffee, claiming that the chain of coffee shops in China had "manufactured" sales and distorted other financial metrics to present a more positive profile for investors. American shares in Luckin Coffee have been traded on Nasdaq since mid-July. Source: Dow Jones Newswires