On Thursday, China-based coffee chain Luckin’ Coffee LK disclosed an internal investigation that found that its COO, Jian Liu, fabricated 2019 sales numbers by roughly 2.2 billion yuan ($310 million).

Liu and several employees that reported to him have now been suspended

Luckin’ was founded in 2017, and had hoped to overtake Starbucks SBUX as China’s number one coffee chain.

LK went public last May, raising $561 million in its IPO. Shares peaked at $51.38 in January, but hit an all-time low of $4.90 a share Thursday morning; shares crashed 80% in pre-market trading. Just today, Luckin’ has lost almost $5 billion in market value.

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