On April 2, China's Luckin Coffee announced that some of its employees, including the chief operating officer, had fabricated over $300 million in reported revenues. On April 21, the Securities and Exchange Commission and the U.S. Public Company Accounting Oversight Board alerted investors that firms based in "emerging markets, including China," often do not satisfy the auditing standards normally met by firms traded on U.S. exchanges. In May 2020, the Nasdaq Stock Market ordered Luckin to delist and proposed stricter listing requirements for firms based in markets that restrict U.S. regulators' access to information. Concurrently, the U.S. Senate enacted, and the House of Representatives is now considering, legislation to bar firms from U.S. exchanges if they do not comply with certain audit oversight requirements. These actions are consistent with the investor protection and information-providing objectives that motivate the disclosure requirements in U.S. securities laws and regulations.