Panera Bread 2007 Annual Report Download - page 28

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ITEM 3. LEGAL PROCEEDINGS
On January 25, 2008, a purported class action lawsuit was filed against us and three of our current or former
executive officers by the Western Washington Laborers-Employers Pension Trust on behalf of investors who
purchased our common stock during the period between November 1, 2005 and July 26, 2006. The lawsuit was filed
in the United States District Court for the Eastern District of Missouri, St. Louis Division. The complaint alleges
that we and the other defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and
Rule 10b-5 under the Securities Exchange Act in connection with our disclosure of system-wide sales and earnings
guidance during the period from November 1, 2005 through July 26, 2006. The complaint seeks, among other relief,
class certification of the lawsuit, unspecified damages, costs and expenses, including attorneys’ and experts’ fees,
and such other relief as the court might find just and proper. We believe we and the other defendants have
meritorious defenses to each of the claims in this lawsuit and we are prepared to vigorously defend the lawsuit.
There can be no assurance, however, that we will be successful, and an adverse resolution of the lawsuit could have a
material adverse effect on our consolidated financial position and results of operations in the period in which the
lawsuit is resolved. We are not presently able to reasonably estimate potential losses, if any, related to the lawsuit.
In addition, we are subject to other routine legal proceedings, claims and litigation in the ordinary course of our
business. Defending lawsuits requires significant management attention and financial resources and the outcome of
any litigation, including the matter described above, is inherently uncertain. We do not, however, currently expect
that the costs to resolve these routine matters will have a material adverse effect on our consolidated financial
position, results of operations or cash flows.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
No matters were submitted to a vote of security holders during the fourth quarter of the fiscal year ended
December 25, 2007.
PART II
ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER
MATTERS, AND ISSUER PURCHASES OF EQUITY SECURITIES
Our Class A Common Stock is listed on The Nasdaq Global Select Market (“Nasdaq”) under the symbol
“PNRA.” There is no established public trading market for our Class B Common Stock. The following table sets
forth the high and low sale prices for our Class A Common Stock as reported by Nasdaq for the fiscal periods
indicated.
2007 High Low
First Quarter .................................................... $62.63 $53.15
Second Quarter .................................................. $60.22 $46.29
Third Quarter ................................................... $47.90 $39.79
Fourth Quarter .................................................. $48.95 $34.27
2006 High Low
First Quarter .................................................... $73.82 $62.85
Second Quarter .................................................. $75.18 $61.70
Third Quarter ................................................... $67.24 $46.85
Fourth Quarter .................................................. $68.70 $55.47
On February 15, 2008, the last sale price for the Class A Common Stock, as reported on the Nasdaq Global
Select Market, was $38.31. As of February 15, 2008, we had approximately 1,780 holders of record of our Class A
Common Stock and approximately 43 holders of record of our Class B Common Stock.
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