The Cheesecake Factory Incorporated
|Company Name||The Cheesecake Factory Incorporated|
In its March 23, 2020 and April 3, 2020 disclosures, at the outset of the COVID-19 pandemic, Cheesecake Factory stated that its restaurants were "operating sustainably." The Company was in fact losing around $6 million per week, which it did not disclose to investors. Additionally, the Company also failed to disclose to investors that due to the COVID-19 pandemic, it had informed landlords that it would be impossible to pay rent in April.
On December 4, 2020, the Company stated that it will pay a $125,000 fine to settle charges with the U.S. Securities and Exchange Commission’s (“SEC”) for making misleading statements.
On this news, Cheesecake Factory’s stock price fell $0.81 per share, or 2%, to close at $38.62 per share on December 4, 2020, thereby injuring investors.
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