NEW YORK, Dec. 08, 2020 (GLOBE NEWSWIRE) — Lowey Dannenberg P.C., a preeminent law firm in obtaining redress for consumers and investors, is investigating claims of violations of federal securities laws on behalf of investors of The Cheesecake Factory (“Cheesecake Factory” or the “Company”) (NASDAQ: CAKE).
Cheesecake Factory is a dining company with more than 200 locations in the United States. The Company misled the investors as to COVID-19 Pandemic’s impact on its operations. In its March 23, 2020 and April 3, 2020 disclosures, Cheesecake Factory stated that its restaurants were “operating sustainably” while the Company was losing $6 million per week and had only about 16 weeks’ worth of cash left. The Company tried to raise capital from potential private equity investors but concealed this information from the investors.
On December 4, 2020, the Company announced that it has settled the U.S. Securities and Exchange Commission’s (“SEC”) charges and will pay a $125,000 fine to the SEC for making misleading statements. On this news, the price of Cheesecake Factory shares fell $2.85, more than 7%, to close at $36.65, on December 7, 2020.
If you are a shareholder of Cheesecake Factory and wish to participate, learn more, or discuss the issues surrounding the investigation, please contact our attorneys at (914) 733-7201 or via email at investigations@lowey.com.
About Lowey Dannenberg
Lowey Dannenberg is a national firm representing institutional and individual investors, who suffered financial losses resulting from corporate fraud and malfeasance in violation of federal securities and antitrust laws. The firm has significant experience in prosecuting multi-million-dollar lawsuits and has previously recovered billions of dollars on behalf of investors.
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Tel: (914) 733-7256
Email: investigations@lowey.com