This study aims to shed light on risk communication practices dealing with restaurant-associated food safety events depending on the type of events; hazard and outrage. Four food safety events associated with two major fast food restaurant chains, Wendy’s and Taco Bell, were examined in terms of their actions dealing with two types of events, E.coli outbreak and outrage events (2X2) by using content analysis and event study methodology (ESM). Content analysis results revealed how differently media covered hazard and outrage cases and ESM results demonstrated the significant impact of the type of events on cumulative abnormal returns. Interestingly, immediate, strong, and negative impact of food safety events on stock price of restaurant firms was detected in a 10-day event window, however, the correlations were attenuated as time goes by regardless of the type of events.