Panera Bread Company, Directors Facing Securities Class Action

New to ClassAction.org? Read our Newswire Disclaimer

A proposed class action filed over alleged violations of the Securities Exchange Act of 1934 claims Panera Bread Company and its board of directors authorized the filing of a “materially incomplete and misleading” definitive proxy statement in connection with a planned merger that would have yielded Panera shareholders $315 in cash for each share they own.

From the lawsuit:

“While [the defendants] are touting the fairness of the Merger Consideration to the company’s shareholders in the Proxy, they have failed to disclose certain material information that is necessary for shareholders to properly assess the fairness of the proposed merger, thereby rendering certain statements in the Proxy incomplete and misleading.”

The plaintiff, a Panera shareholder, filed the suit over a proposed merger between the company and private investor JAB Holdings B.V.