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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 (KGTV) -- Video showed the horrifying moments a coyote crept up to a family and attacked a small child at California State University Los Angeles.Police say the coyote bit the 5-year-old on the leg just before 6:30 p.m., in the 5100 block of University Drive, according to the CSULA.Campus police responded to the incident and began searching the area for the animal. During their search, officers heard a female student scream and found the coyote approaching the student "in an aggressive manner," police said.Officers found the animal and at least one officer opened fire and wounded the coyote, according to the campus.The animal ran off after it was shot. At this time there are no updates on the condition of the child. Los Angeles Department of Public Safety officers are actively searching for the coyote. Although it's not common, coyotes have been known to occasionally attack humans. 944

LOS ANGELES (CNS) - Major League Baseball lashed out Wednesday at Los Angeles Dodgers third baseman Justin Turner, who was pulled from the team's championship- clinching World Series game due to a positive COVID-19 test, but left isolation to celebrate with the team, sometimes without a mask on.According to a statement issued by the league, Turner was placed into isolation during Tuesday night's game in Texas "for the safety of those around him.""However, following the Dodgers' victory, it is clear that Turner chose to disregard the agreed-upon joint protocols and the instructions he was given regarding the safety and protection of others," according to MLB. "While a desire to celebrate is understandable, Turner's decision to leave isolation and enter the field was wrong and put everyone he came in contact with at risk. When MLB Security raised the matter of being on the field with Turner, he emphatically refused to comply."According to the league, additional COVID-19 tests were performed Tuesday night on the Dodgers, and both the Dodgers and Tampa Bay Rays were tested again Wednesday morning.It was unclear when the teams will be permitted to leave Texas, with the league stating, "their travel back to their home cities will be determined after being approved by the appropriate authorities."The Los Angeles County Department of Public Health did not immediately respond to a request for comment on whether the agency was working with the team or might require the team to isolate or quarantine upon their return.The MLB Commissioner's Office has begun a "full investigation into this matter."Turner joined the championship celebration on the field at Globe Life Field in Arlington, Texas, including holding the Commissioner's Trophy, kissing his wife Kourtney and sitting next to manager Dave Roberts for a team picture, all without a mask.Turner has been with the Dodgers since 2014 and is a free agent. He will turn 36 on Nov. 23.After the game, Turner tweeted, "Thanks to everyone reaching out! I feel great, no symptoms at all. Just experienced every emotion you can possibly imagine. Can't believe I couldn't be out there to celebrate with my guys! So proud of this team & unbelievably happy for the City of LA. #WorldSeriesChamps."Asked on Tuesday night about Turner's presence on the field despite a positive coronavirus test, Dodgers President of Baseball Operations Andrew Friedman said, "From his standpoint, him having a chance to take a picture with the trophy was incredibly meaningful to him. It's hard for me to say specifically about the on-field because I didn't see everything that happened or didn't."Friedman acknowledged that the team's travel plans were up in the air."Subsequent tests we're going to take are really important to figure out what we do and to make sure that any of us that are potentially positive don't spread it to other people," he said Tuesday night. "Obviously from our standpoint, that contact tracing (figuring) out who's been around him and the tests are all going to be incredibly important from this point forward. Before we are to interact with other people I think it is important for us all to clear the requisite testing hurdles before we do that."Turner was removed from the game before the start of the eighth inning, then was "quarantined in a doctor's office off to the side," Friedman said.Ken Rosenthal, a reporter on Fox's Major League Baseball telecasts, tweeted that the result from a coronavirus test Turner took Monday came back in the second inning.Turner's test from Tuesday "was then expedited, and when it came back positive, he was removed from the game," Rosenthal tweeted.The team issued a statement Wednesday that did not mention Turner or his positive test, but acknowledged that the coronavirus pandemic will eliminate any chance of a victory parade."This season was everything we believed it could be. It was just missing one thing: the best fans in baseball," according to the team. "While the wait for a World Championship is finally over, a celebration worthy of our great fans and the city of Los Angeles will unfortunately have to wait until it is safe to do so. We can't wait to celebrate together." 4211

LONDON (AP) — Royal Dutch Shell says it is planning to cut between 7,000 and 9,000 jobs worldwide by the end of 2022 following a collapse in demand for oil and a subsequent slide in oil prices during the coronavirus pandemic.The oil giant said Wednesday that around 1,500 employees have already agreed to take voluntary redundancy this year and that it is looking at a raft of other areas where it can cut costs, such as travel, its use of contractors and virtual working.Overall, it said it expects the cost-cutting measures to secure annual cost savings of between billion and .5 billion by 2022.CEO Ben van Beurden said in an interview posted on the Shell website that the jobs cuts will reduce the amount of people between the company’s leadership and its lower level employees.“None of this changes our values as a company, and we will do what we have to do with honesty, integrity and respect for people,” wrote the CEO. “We will be as fast as we can and we will show care for all those who lose their roles or who are negatively affected.”Once the reorganization is complete, the CEO says he believes many more people will be positively affected – working in a quicker, more customer-focused organization and enabled to take the decisions that make a difference. 1282

LOS ANGELES (AP) — California Democratic Gov. Gavin Newsom calls mail-in voting safe and secure, but it's not perfect. More than 100,000 mail-in ballots were rejected by election officials in the state's March presidential primary. The six-figure tally highlights the big gap in the state's effort to ensure every vote is counted, as Democrats and Republicans argue over the integrity of vote-by-mail elections. State data obtained by The Associated Press shows 102,428 mail-in ballots were disqualified in 58 counties, mostly because they arrived too late. Also, nearly 28,000 were canceled because they either didn't have a signature, or the signature didn't match the one on record for the voter. 707

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