Panera Bread Company

The lawsuit was settled for $5.75 million in cash on February 11, 2011. The following is a summary of the proceedings in this lawsuit: “This litigation alleges that Settling Defendants, Panera, Ronald M. Shaich, the Chairman and Chief Executive Officer of Panera during the Class Period, Mark E. Hood, Senior Vice President and Chief Financial Officer of Panera until his resignation on or about May 5, 2006, and Neal Yanofsky, Chief Administrative Officer and Executive Vice President and Corporate Staff Officer of Panera until April 3, 2006 and President from April 3, 2006 throughout the Class Period, made false and misleading statements about the current and projected success of Panera’s growth strategy and its Crispani flat bread pizza product that artificially inflated the value of Panera common stock.”

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