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LONDON (AP) — Some public health experts are criticizing the U.S. for securing a large supply of the only drug licensed so far to treat COVID-19. The U.S. government announced this week that it had an agreement with Gilead Sciences to make the bulk of their production of remdesivir available to Americans for the next three months. A senior lecturer at the University of Sussex called the U.S. agreement “disappointing news." Until now, the California-based Gilead had donated the drug. That ended Tuesday and Gilead has set the price for new shipments. Gilead is allowing generic makers to supply the drug to poor or middle-income countries at much lower prices. 672

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 (AP) — Michael Jackson’s Neverland Ranch in California has found a new owner in billionaire businessman Ron Burkle. Burkle’s spokesman said in an email Thursday that Burkle bought the 2,700-acre property near Santa Barbara and views it as a land banking opportunity. The Wall Street Journal reports the property was sold for million to Burkle, an associate of the late pop star and co-founder of the investment firm Yucaipa Companies. In addition to a 12,500 square-foot main residence and a 3,700 square-foot pool house, the property boasts a 50-seat movie theater and a dance studio. 609

LOS ANGELES (CNS) - As COVID-19 cases surge, Covered California is urging uninsured residents to sign up for coverage by this Wednesday's deadline."Covered California is a critical safety net to help people get quality health care coverage during the surging pandemic and ongoing recession," said Covered California Executive Director Peter Lee. "With our first enrollment deadline coming up this week, we want to encourage anyone who needs coverage to check out their options and sign up so they can start the New Year with protection and peace of mind."Californians who want their coverage to start on Jan. 1 must sign up by Dec. 30, a deadline that was extended in response to the pandemic. However, the open enrollment period runs through Jan. 31. In either case, consumers will need to pay their first bill when enrolling.More than 1.2 million California residents are uninsured despite being eligible for financial help from Covered California or low-cost or no-cost coverage through Medi-Cal, according to Covered California."Most of the people who are uninsured either do not know they are eligible for financial assistance, or they have not checked recently to see how affordable quality coverage can be," Lee said. "No one should wait to sign up, and we are extending the deadline through Dec. 30 to give all of us more time to spread the word and make sure our family and friends have health insurance during this pandemic."Roughly nine out of 10 consumers who enroll through the Covered California marketplace receive either federal tax credits, state subsidies or both, helping to make health care more affordable. California subsidies benefit nearly 600,000 residents, including thousands who had previously been ineligible for financial help because they exceeded federal income limits.Of those eligible for subsidies, more than half are believed to be Latino, a group that has been disproportionately hard-hit by the pandemic.The average consumer receiving financial help with health insurance paid an average of 7 per month for coverage, with federal and state assistance reducing their costs by 4, according to Covered California.Covered California recently mailed masks to 1.5 million enrollees, and Lee urged every resident to use face coverings."Getting covered with a mask will help protect Californians and their families and friends; getting covered with a health plan will help protect people if they get sick," he said. "Covered California helps you get access to some of the best doctors and health care facilities in the country and provides peace of mind during these challenging times where there is so much uncertainty."The state individual mandate penalty will also return for 2021. Consumers who can afford health care coverage, but choose to go without, could pay a penalty when they file their state taxes in 2022. The penalty, administered by California's Franchise Tax Board, could be as much as ,250 for a family of four.To learn more about coverage options or compare rates, visit www.coveredca.com. 3054

LOS ANGELES (AP) — A fire early Friday destroyed a Southern California distribution facility that was used to ship items to Amazon customers. Authorities said employees got out and there were no reports of injuries. The fire briefly closed a nearby freeway as flames shot high into the air. The fire started around 5 a.m. Friday in Redlands, about 60 miles east of Los Angeles. The flames that engulfed the structure spread to some of the many truck trailers parked at loading docks. The facility was operated by a global logistics company that was dedicated to Amazon. A spokesperson said customer orders will be filled from other sites. 647