BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces an investigation on behalf of The Cheesecake Factory Incorporated (“Cheesecake Factory” or the “Company”) (NASDAQ: CAKE) investors concerning 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, thereby injuring investors.
If you purchased Cheesecake Factory securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to firstname.lastname@example.org, or visit our website at www.howardsmithlaw.com.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.