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Case ID: 5035 | Stocks | 07/16/2008
On June 23, 2008, the Court entered the Memorandum and Order consolidating the action and approving the motion to appoint Western Washington Laborers-Employers Pension Trust as lead plaintiff and approving lead plaintiff’s selection of Coughlin Stoia Geller Rudman & Robbins as lead counsel and Dysart Taylor as liaison counsel.
The complaint charges Panera Bread and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Panera Bread engages in the ownership and franchising of bakery-cafes in the United States under the Panera Bread and Saint Louis Bread Company names. According to the complaint, throughout the Class Period, the Company highlighted its increasing system-wide sales and, as a result, continuously increased its earnings guidance. Moreover, the Company was rapidly opening new locations throughout the United States. Unbeknownst to shareholders, the Company’s aggressive growth strategy was causing the Company to experience declining sales at its existing stores. Additionally, the complaint alleges that, throughout the Class Period, defendants issued materially false and misleading statements and failed to disclose (i) that the Company was experiencing negative trends in its business which were causing it to experience rising expenses and slow growth; (ii) that the Company’s store expansion strategy was causing the Company to yield a lower return on capital and experience a decline in sales per restaurant as the Company’s new store openings began to cannibalize sales from existing stores; and (iii) as a result of the foregoing, defendants lacked a reasonable basis for their positive statements about the Company, its prospects and revenue growth rate. Then, on July, 26, 2006, Panera Bread announced its financial results for the second quarter of 2006, the period ended June 27, 2006. In response to this announcement, the price of Panera Bread common stock fell $7.34 per share, or approximately 12%, to close at $51.93 per share, on extremely heavy trading volume.
At Lawcash.com, it is our goal to keep you informed about important legal cases, class actions and settlements. Our lawyers offer free legal evaluations in tort cases, class actions, personal injury, and other lawsuits because we are dedicated to helping you resolve your legal complaints. Other Stocks Cases of Interest According to a law firm press release, the class action filed against the company alleges that the Prospectus for the secondary offering misrepresented the financial strength of SemGroup's Parent (SemGroup, L.P.) and failed to disclose that the Parent had engaged in risky hedging strategies that presented a material risk of default and bankruptcy. A class action has been filed against Sierra Wireless, Inc.(NasdaqNM:SWIR), certain of its officers and directors by stockholders who purchased the company's common stock between January 28, 2004 and January 26, 2005. The action claims that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market over this time period, thereby artificially inflating the price of the company's securities. The stockholders seek to recover compensatory damages for the loss of value of their stock. A class action has been filed against Abatix Corporation, a supplier of safety, construction, restoration, and homeland security products, (NASDAQ: ABIX) and certain of its officers and directors by stockholders who purchased the company's common stock between 4/14/04 to 4/16/04. The action claims that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market over this time period, thereby artificially inflating the price of the company's securities. The stockholders seek to recover compensatory damages for the loss of value of their stock. On March 11, 2008, several motions to appoint lead plaintiff and to approve the selection of lead counsel were filed.
A class action lawsuit has been filed in the Eastern District Court of Pennsylvania against Charles E. Allen and others for violations of the Investment Company Act. Class members seek compensatory damages, the disgorgement of fees paid to investment advisors, punitive damages, attorney’s fees and costs of the litigation. The parties have reached a tentative $1.25 million settlement in a class action filed against MiniMed, Inc., and certain of its officers and directors by stockholders who held the company's common stock as of July 16, 2001. Persons eligible to participate in the settlement must submit a proof of claim form postmarked no later than September 13, 2004. |
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