Shareholders of Chinese coffee company Luckin Coffee (NASDAQ: LK) got the news they feared: Nasdaq gave the company a delisting notice. In a Tuesday press release, Luckin acknowledged it received notice last week. Nasdaq cited two reasons for the delisting. First, investors are concerned about the stock since it disclosed inflated sales. And second, Luckin's sales were inflated in the first place. For now, Luckin Coffee stock is still frozen in place. Nasdaq paused trading to the stock on April 7. Image source: Getty Images. Fate all but sealed In April, Luckin's management disclosed it was investigating its COO for inflating sales by about $300 million, and inflating expenses to make it all look real. The stock plummeted around 80% on the news, as shareholders fled in droves. Since that bombshell announcement, both the CEO and COO have been fired. Those who immediately sold their Luckin shares surely feel it was the right move. A few days after revealing the fiasco, shares were halted from trading -- locking current shareholders in and new investors out. Currently, shares are still halted as Luckin appeals the delisting decision from Nasdaq. The stock won't be delisted until it's had a chance to plead its case. Its hearing should come in the next couple months. Assuming Luckin loses its appeal, shares will trade over the counter after delisting from the Nasdaq exchange. Once a market darling, the former high-growth stock would likely have further to fall once hitting the over-the-counter market. 10 stocks we like better than Luckin Coffee Inc.When investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and Luckin Coffee Inc. wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of April 16, 2020 Jon Quast owns shares of Nasdaq. The Motley Fool owns shares of and recommends Luckin Coffee Inc. The Motley Fool recommends Nasdaq. The Motley Fool has a disclosure policy.Source