The Nasdaq-listed coffee startup's share price fell over 75% on that day. Luckin issued an apology for the fraud on microblogging platform Weibo on Sunday, saying that Liu, and several other employees who report to him, have been suspended, and added that the firm will immediately disclose the investigation results to the public. "We will take all the necessary measures for remedy and will not avoid any problems brought by this matter," the announcement reads. Luckin will also maintain its normal operations in the meantime, the firm said. The company's chairman, Lu Zhengyao, also responded to the scandal on social media. "I'm deeply ashamed. I'll take the responsibility regardless of the final investigation results of the independent committee," he wrote on his WeChat Moments feed on Sunday. Meanwhile, on March 6, 10 US law firms have announced to file a lawsuit against Luckin on behalf of investors.