In January 2020, Muddy Waters Research found that Luckin Coffee, a Nasdaq-listed company with a market cap of $8 billion, had fabricated its financial statements. Luckin Coffee confessed this accounting fraud in April 2020. On this news, the price of Luckin ADR fell by approximately 85%. During the same period of time, the Nasdaq composite index fell by about 20%. What is an estimated value for the damage of this accounting scandal using the CAR approach? a. $5.2 billion b. $6.8 billion c. $8.4 billion d. $7.3 billion e. $1.6 billion