secwatch.observer — SEC 8-K summary
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Issuer:     Shake Shack Inc. (SHAK)
CIK:        0001620533
Form:       8-K
Filed at:   2024-02-15T23:59:59+00:00
Accession:  0001104659-24-024341
Event type: other_material
Sentiment:  negative
Materiality: 0.60
Item codes: 4.02
LLM model:  deepseek-v4-flash:cloud@v2

Shake Shack restates financials for FY2021-2022 due to deferred tax asset errors
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- Non-reliance on previously issued financial statements for FY2021 and FY2022; will be restated in 2023 10-K.
- Estimated favorable adjustments to income tax expense of ~$3.0M (FY2022) and ~$4.1M (FY2021); opening retained earnings adjustment of ~$10.1M.
- Errors relate to incorrect state tax depreciation on investment in SSE Holdings; non-cash, no impact on revenue, Shack-level profit, or Adjusted EBITDA.
- Audit Committee concluded filing after discussion with management and auditor Ernst & Young; 2023 10-K expected on time.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1620533/000110465924024341/0001104659-24-024341-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1620533/000110465924024341/tm246330d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-24-024341

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