CHICAGO — The Chicago-based steak company accused Friday of illegally trading stock in an unsuccessful attempt to help its own board survive amid the company’s $50 million insider trading investigation.

A U.S. Securities and Exchange Commission lawsuit filed Friday accuses Chicago-area steak company Rocky River Steakhouse of violating federal securities laws by illegally trading in company stock.

The company filed for bankruptcy protection on Wednesday and filed a motion Friday asking the court to lift the bankruptcy order.

Rocky River Steakhouse said Friday that it will be filing a motion for an emergency stay of the bankruptcy.

The motion was not immediately available.

The Securities and Exchanges Commission said the company, which is based in suburban Chicago, used an illegal “substantial” portion of its stock to make a deal to help itself and a group of investors get out of bankruptcy.

The lawsuit accuses the company of violating the Securities Exchange Act of 1934 and the Securities Act of 1933, and asks a judge to order the company to pay $2.5 million in damages and to disgorge $1.9 million in profits.

The company said it will appeal.