- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2020-05-13T16:45:00
Luckin Coffee, the China-based equivalent of Starbucks roiled by allegations of fabricating millions in 2019 sales, has fired its CEO and reshuffled top leadership as part of its ongoing internal probe.
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China-based Luckin Coffee has agreed to a $180 million penalty as part of a settlement with the U.S. Securities and Exchange Commission to resolve charges related to the coffee chain’s inflated-sales scandal.
China’s market competition regulator announced a fine of 61 million yuan (U.S. $9 million) against Luckin Coffee and a group of affiliated firms in response to the coffee chain’s inflated sales scandal.
A California-based server and cloud computing firm has agreed to pay $17.5 million as part of a settlement with the SEC to resolve charges of improperly booked revenue and understated expenses.
Chinese authorities banned PwC’s Chinese unit from performing audits in the country for six months, labeling the subsidiary’s flawed audit work as complicit in the failure of giant property developer Evergrande.
Erica Williams was reappointed to a second term as chair of the Public Company Accounting Oversight Board after an ambitious first three years in the role that have seen the agency work to update many of its standards deemed outdated.
Software company Autodesk said it won’t restate several years of financial statements following an audit committee investigation into potential accounting misconduct.
