Panera To Settle Shareholder Suit for $5.75M

Law360, New York (February 14, 2011, 4:14 PM EST) -- Panera Bread Co. has agreed to pay $5.75 million to settle a consolidated shareholder class action accusing the company and its directors of making false and misleading projections about its future growth based on a new strategy and a new pizza.

According to a motion for preliminary approval of the settlement filed Friday in the U.S. District Court for the Eastern District of Missouri, the parties reached the deal after extensive negotiation, including mediation efforts headed by former district Judge Daniel Weinstein that began in July....
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