Serving as bankruptcy counsel for the institutional lead plaintiffs in a securities class action against Luckin Coffee Inc. (LC0Ay.MU), Lowenstein Sandler, together with lead counsel, has secured final approval by the U.S. District Court for the Southern District of New York of an all-cash settlement of $175 million.
The lead plaintiffs claimed that the company, considered to be the Chinese rival to Starbucks, had fraudulently inflated its share price by falsifying revenue.
Lowenstein helped to structure and negotiate the settlement in the context of insolvency proceedings in the Cayman Islands and a Chapter 15 proceeding in the United States. The settlement has now been finally approved by all involved courts.
The Lowenstein team was led by Michael (“Mickey”) Etkin and included partner Andrew Behlmann and of counsel Scott Cargill.
About Lowenstein Sandler LLP
Lowenstein Sandler LLP is a national law firm with over 350 lawyers based in New York, Palo Alto, New Jersey, Utah, and Washington, D.C. The firm represents leaders in virtually every sector of the global economy, with particular emphasis on investment funds, life sciences, and technology. Recognized for its entrepreneurial spirit and high standard of client service, the firm is committed to the interests of its clients, colleagues, and communities.
