LOS ANGELES--(BUSINESS WIRE)--The Schall Law Firm, a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors of The Cheesecake Factory Incorporated (“Cheesecake Factory” or “the Company”) (NASDAQ: CAKE) for violations of the securities laws.
The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. In the midst of the early pandemic months of March and April, Cheesecake Factory stated that its restaurants were "operating sustainably." The Company was actually losing about $6 million per week due to restaurant closures, which it did not disclose to investors. The Company also failed to disclose to investors that it informed landlords around the country that the COVID-19 pandemic would make it impossible to pay rent for the month of April. The Company announced on December 4, 2020, that it would pay a $125,000 fine to the SEC for misleading statements. Based on this news, shares of Cheesecake Factory fell by 2% on the same day.
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