The group left Epic to sign with Warner Bros after the deceptive sales of Busted Records. In 1994, Woke up with a Monster was released by the band. The title track for the album was first published on the US Mainstream Rock charts, reaching No. 16. The sales of the album were low, and only No. 123 peaked. Cheap Trick signed and released Cheap Trick in 1997, with the indie label Red Ant Records.

The album was self-titled, and the work was similar to their first album, which was published 20 years ago. The band reintroduced themselves to a new generation. The collection was noted and celebrated as a return to form. The Alliance Entertainment Corporation, a parent company of Red Ant, declared bankruptcy of Chapter 11 eleven weeks after release. Only No. 119 was a hit on the charts by their single “Say Goodbye,” and the band had no record label again. Two more songs, “Baby No More” and “Carnival Game,” were released from the record.

The company appeared in the “This Is Your Wake-Up Call” advertising campaign for the band. Rockford, Illinois officials, celebrated Cheap Trick in 2007 with the reproduction of the Rockford album cover art on the city vehicle sticker that year. On June 19, 2007, Senate Resolution 255 adopted by the Illinois Senate, which proclaimed April 1, a Cheap Trick Day in the State of Illinois each year. The 2010 tour of Bun E. Carlos stopped. Daxx’s son Rick Nielsen, who had filled in for Bun E, during his recovery from back surgery in 2001, he became a touring drummer for the band. He remained in that capacity as of 2016.

A storm blew through the festival area for 20 minutes on July 17, 2011, at the Ottawa Blues fest. The band and crew were on the scene when the 40-ton roof dropped without warning. It fell off the audience and landed on the band truck parked next to the back of the stage. The van broke the fall and let everybody escape for approximately thirty seconds.

In 2013, Carlos filed proceedings against his ex-band mates. He said that although they said he was still a member of the band, he was not allowed to take part in band-related activities like filming. The three other Cheap Trick members filed a counterclaim in search of an official confirmation that they have removed Carlos.

Their complaint was rejected at the end of 2013. Finally, the legal dispute was resolved. After the settlement, Carlos stayed, though not tracking or performing with, one-quarter owner of Cheap Trick and a band member.