WILMINGTON, Del. (Legal Newsline) — A shareholder has filed a class action lawsuit against Panera Bread and company officials, alleging violation of the 1934 Securities Exchange Act.

Lawrence Phillips filed a complaint, individually and on behalf of all others similarly situated, June 7 in U.S. District Court for the District of Delaware against Panera Bread Company, Ronald M. Shaich, William W. Moreton, Domenic Colasacco, Diane Hessan, Fred Foulkes, Larry Franklin, Thomas E. Lynch, Mark Stoever and James White, alleging they issued materially false statements to the plaintiff regarding a proposed merger with JAB.

According to the complaint, Phillips was was damaged monetarily from being misled into agreeing to the proposed merger. The plaintiff alleges the defendants made materially false and misleading statements in order to convince the plaintiff to vote in favor of the merger with JAB.

Phillips seeks trial by jury, enjoin the defendants, court costs, and all further relief the court grants. He is represented by attorneys Nadeem Faruqi and James M. Wilson, Jr. of Faruqi & Faruqi LLP in New York, and by Michael Van Gorder of Faruqi & Faruqi in Wilmington, Delaware.

U.S. District Court for the District of Delaware case number 1:17-cv-00697-RGA

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U.S. District Court for the District of Delaware
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Wilmington, DE 19801

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