Luckin shares to be suspended on Monday

(Reuters) – Luckin Coffee Inc said on Friday Nasdaq Inc notified the Chinese coffee chain that its shares would be suspended at the open on Monday.

Luckin’s shares, which have lost more than 85% of their value since the company announced an internal investigation of some employees fabricating sales, tumbled 25% in trading before the bell.

The Chinese company received a second de-listing notice from Nasdaq earlier this week after it failed to file its annual report.

(This story corrects to say “suspended”, not “delisted”, in headline, paragraph 1)

(Reporting by Nivedita Balu in Bengaluru; Editing by Sriraj Kalluvila)