Investment Thesis. Luckin Coffee (LK-15.1%) breaks even lower after Muddy Waters discloses a short position.The research firm says it believes allegations that Luckin Coffee is … Muddy Waters claims that Luckin has fabricated some financial and operational figures (paywall). We found Muddy Waters' short report on Luckin Coffee (NASDAQ: LK) not well-justified.The credibility of the report and analyses embedded is questionable. Muddy Waters Research said in January that it bet against the stock in light of what it described as fraud and a "fundamentally broken business." Muddy Waters did not indicate on Twitter how it received the report. Shares in Luckin Coffee plummeted by 11% on Friday after Muddy Waters Research, a China-focused short-seller research and investment firm, tweeted that it had placed a large short bet on Luckin’s Nasdaq-listed stock after receiving an 89-page report sent anonymously (and attached to the tweet). Reinout Schakel, chief financial officer of … “When Luckin Coffee went public in May 2019, it was a fundamentally broken business that was attempting to instill the culture of drinking coffee into Chinese consumers through cut-throat discounts and free giveaway coffee,” the report stated. The company posted an extensive 89-page paper implying that LK … In January 2020, Muddy Waters Research said it had received an “anonymous” report on Luckin Coffee (NASDAQ:LK). The report, received by short seller Muddy Waters Research, was made public on Friday. Muddy Waters said they are short the stock because they consider it a “near total fraud.” According to their research , around 70% of its users are fake.

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