Scandal-plagued Luckin Coffee secures $260 million investment

Luckin Coffee, the scandal-plagued Chinese coffee shop chain, secured a $260 million investment from existing shareholders Centurium Capital and Joy Capital. It also replaced its independent auditor.

Why it matters: This will help Luckin satisfy a $180 million settlement struck last year with the SEC, which had accused Luckin of faking retail sales figures. The company went public on the Nasdaq less than two years ago at a $4.3 billion valuation, but was later delisted because of the accounting fraud.