SEC goes after COVID disclosures

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According to Accounting Today, the U.S. Securities and Exchange Commission (SEC) said it has settled charges against Cheesecake Factory Inc. over “materially false and misleading” statements after the restaurant chain failed to disclose the financial impact of the coronavirus pandemic earlier this year.

Questions:

  1. What was the penalty?
  2. According to SEC’s order, how much was the Cheesecake Factory losing per week between March 23 and April 3?
  3. How much cash did the company have left?

Source:

Clough, R. 2020. Cheesecake Factory Settles SEC Charges over COVID Statements, Accounting Today, Dec. 7 (Retrievable online at accountingtoday.com/search?q=Cheese+Cake+Factory#nt=navsearch)