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LOS ANGELES (CNS) - The Securities and Exchange Commission announced Friday that Calabasas-based Cheesecake Factory Inc. will pay a 5,000 penalty for making "false or misleading" disclosures about the impact of the COVID-19 pandemic on its business operations and financial condition.This is the first time the SEC has brought allegations against a public company for misleading investors about the financial effects of the pandemic.According to the SEC's order, the Cheesecake Factory restaurant group said in regulatory filings in March and April that its eateries were "operating sustainably," while failing to disclose that the company was losing roughly million in cash per week and had just 16 weeks of cash remaining.The order finds that although the company did not disclose the information in its filings, the group did share the particulars with potential private equity investors or lenders as it sought additional liquidity during the public health crisis.Without admitting the SEC's findings, the restaurant company agreed to pay the penalty and to cease-and-desist from further violations of the charged provisions. In determining to accept the settlement, the SEC said it considered the cooperation afforded by the company.A Cheesecake Factory representative pointed to a disclosure form filed Friday in which the company stated it was in full compliance with the cease- and-desist order and that the company "fully cooperated with the SEC in the settlement" without admitting or denying the regulators' allegations.The order also finds that although the March filing described actions the company had undertaken to preserve financial flexibility during the pandemic, it failed to disclose that Cheesecake Factory already had informed its landlords that it would not pay rent in April due to the impacts that COVID- 19 inflicted on its business."During the pandemic, many public companies have discharged their disclosure obligations in a commendable manner, working proactively to keep investors informed of the current and anticipated material impacts of COVID-19 on their operations and financial condition," SEC Chairman Jay Clayton said. "As our local and national response to the pandemic evolves, it is important that issuers continue their proactive, principles-based approach to disclosure, tailoring these disclosures to the firm and industry-specific effects of the pandemic on their business and operations. It is also important that issuers who make materially false or misleading statements regarding the pandemic's impact on their business and operations be held accountable."Cheesecake Factory had notified its landlords that it wouldn't pay rent on April 1 due to financial complications stemming from the coronavirus outbreak. A letter sent by Chief Executive David Overton to the restaurant group's landlords -- many of which are shopping mall operators -- was released publicly in March by Eater L.A.The company has 294 restaurants in North America, 39 in California and five in San Diego County.Its largest landlord is Indianapolis, Indiana-based real estate company Simon Property Group, which provides space for 41 Cheesecake Factory locations, according to the San Fernando Valley Business Journal."When public companies describe for investors the impact of COVID-19 on their business, they must speak accurately," said Stephanie Avakian, director of the SEC's Division of Enforcement. "The Enforcement Division, including the Coronavirus Steering Committee, will continue to scrutinize COVID- related disclosures to ensure that investors receive accurate, timely information, while also giving appropriate credit for prompt and substantial cooperation in investigations." 3725

LOS ANGELES, Calif. – Actor Elliot Page came out as transgender Tuesday.The Oscar-nominated performer, known for his roles in projects like “Juno” and “The Umbrella Academy,” said his pronouns are he/they.“I want to share with you that I am trans, my pronouns are he/they and my name is Elliot,” he said in a statement posted on Twitter.In the statement, Page said he feels overwhelming gratitude for the people who have supported him along his journey to self-acceptance.“I can’t begin to express how remarkable it feels to finally love who I am enough to pursue my authentic self,” wrote page. “I’ve been endlessly inspired by so many in the trans community.”Page wrote that he hopes to offer whatever support he can and strive for a more loving and equal society. He also asked for patience as he transitions.“The truth is, despite feeling profoundly happy right now and knowing how much privilege I carry, I am also scared. I’m scared of the invasiveness, the hate, the 'jokes' and of violence,” Page wrote.In his statement, Page addressed the staggering statistics surrounding the discrimination and violence towards trans people.“In 2020 alone, it has been reported that at least 40 transgender people have been murdered, the majority of which were Black and Latinx trans women,” he wrote.He went on to accuse political leaders and others who “spew hostility” towards the trans community of having blood on their hands.“To all trans people who deal with harassment, self-loathing, abuse and the threat of violence every day: I see you, I love you and I will do everything I can to change this world for the better,” Page said at the end of the statement.pic.twitter.com/kwti60bZLw— Elliot Page (@TheElliotPage) December 1, 2020 Editor's note: A previous version of this article referenced Elliot Page’s former name, following GLAAD’s guidelines, but the name has since been removed to better respect the trans community, per style guidelines from the Trans Journalists Association. 1995

LOS ANGELES (AP) — California environmental officials say a popular agricultural pesticide they say has been linked to brain damage in children will be banned after next year under an agreement reached with its manufacturer.Under the deal announced Wednesday, all California sales of chlorpyrifos will end on Feb. 6, 2020.Farmers will have until the end of 2020 to exhaust their supplies.The pesticide is used on numerous crops in the nation's largest agriculture-producing state, including alfalfa, almonds, citrus, cotton, grapes and walnuts.State regulators say the pesticide has been linked to health defects in children, including brain impairment.Officials say they are budgeting million to help manufacturers develop a safer alternative.The pesticide's manufacturer, Corteva Agriscience, says it reached the agreement "in the best interests of the affected growers." 884

LOS ANGELES (AP) — Lawyers for California Rep. Duncan Hunter want a federal judge to reject an attempt by prosecutors to introduce evidence that the congressman used campaign funds to finance a string of extramarital relationships, a court filing said Friday.Prosecutors are seeking permission "to focus the jury's attention on Mr. Hunter's infidelity" with evidence that isn't necessary for a jury to evaluate the case, they wrote. To allow it would present "substantial risk of unfair prejudice."Allegations about the married Republican congressman's affairs were outlined in a government court filing Monday, connected to charges he and his wife illegally spent more than 0,000 in campaign funds on trips, meals and other personal expenses.Prosecutors are seeking permission to introduce details of the romantic affairs in U.S. District Court in San Diego, which they say are necessary to "demonstrate Hunter's ... intent to break the law and to establish his motive to embezzle from his campaign."Margaret Hunter pleaded guilty this month to one corruption count. Duncan Hunter has said prosecutors have targeted him for political reasons.The trial is scheduled for September.In the motion, Hunter's lawyers argued that "whether or not Mr. Hunter has an intimate or strictly platonic relationship with a particular individual does not tend to prove any material point in the government's case."The said "nearly every expense" listed in the prosecutors' motion Monday seeking to introduce the evidence "was incurred in connection with a legitimate political activity."They said the allegations are so controversial "that merely filing the motion has tainted the jury pool against Mr. Hunter.""However unpopular the notion of a married man mixing business with pleasure, the government cannot simply dismiss the reality that Mr. Hunter's relationships ... often served an overtly political purpose that would not have existed irrespective of his occupation," they added.Separately, Hunter's lawyers are seeking to dismiss the indictment and move the trial out of San Diego County. 2093

LOS ANGELES (KGTV) -- A famous Los Angeles bakery is planning to launch a new bake at home service.According to the Daily Breeze, Porto’s Bakery in Los Angeles will launch the new service on Tuesday, October 9. The service will ship pastries nationwide.Several famous treats will be made available, including meat pies, Refugio guava and cheese pastries.The company says the items will be shipped to customers in about two days.Click here for more information. 468