The Cheesecake Factory Incorporated Investigation
The law firm of Kirby McInerney LLP is investigating potential claims against The Cheesecake Factory Incorporated (“Cheesecake Factory” or the “Company”) (NASDAQ: CAKE). The investigation focuses on the Company’s possible violations of federal securities laws.
In the early stages of the COVID-19 pandemic, on March 23, 2020 and April 3, 2020, the Company disclosed that its restaurants were “operating sustainably.” In fact, Cheesecake Factory was losing around $6 million per week, which it did not disclose to investors. The Company also failed to disclose to investors that it had informed landlords that it would be impossible to pay rent in April due to the COVID-19 pandemic. 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, the Company’s stock price fell $0.81 per share, or 2%, to close at $38.62 per share on December 4, 2020.
If you purchased or otherwise acquired Cheesecake Factory securities, have information, or would like to learn more about these claims, please contact Thomas W. Elrod of Kirby McInerney LLP at 212-371-6600, by email at firstname.lastname@example.org, or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.