A handful of public companies have begun quietly warning investors about how gun violence could affect their financial performance
Companies such as Dave & Buster’s Entertainment Inc., Del Taco Restaurants Inc. and Stratus Properties Inc., a Texas-based real-estate firm, added references to active-shooter scenarios in the “risk factor” section of their latest annual reports, according to an analysis of Securities and Exchange Commission filings. The Cheesecake Factory Inc. has included it in its past four annual reports.
“As [shootings] become more prevalent, the priority starts to increase,” said Paul Lannon, an attorney at Holland & Knight LLP who counsels companies on workplace issues. And the disclosures are part of that thinking, securities lawyers said. If a company experienced a shooting, causing its stock to drop, it could argue it previously warned investors of the possibility.
The language in the disclosures varies by company. Most reference how a shooting could affect the company’s reputation and customer traffic. Cineworld Group PLC, a U.K.-based theater company with U.S. operations, for several years considered “terrorism and civil unrest” as one of the company’s principal risks. The company renamed the risk category a “major incident” and added language about focusing on active shooter attacks as part of ongoing cinema operations.
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