Chipotle 2008 Annual Report Download - page 23

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ITEM 3. LEGAL PROCEEDINGS
A lawsuit has been filed against us in California alleging violations of state laws regarding employee record-
keeping, meal and rest breaks, payment of overtime and related practices with respect to our employees. The case
seeks damages, penalties and attorney’s fees on behalf of a purported class of our present and former employees.
We are currently investigating these claims, and although we have various defenses, it is not possible at this time
to reasonably estimate the outcome of or any potential liability from this case.
We’re involved in various other claims and legal actions that arise in the ordinary course of business. We do
not believe that the ultimate resolution of these actions will have a material adverse effect on our financial
position, results of operations, liquidity or capital resources. However, a significant increase in the number of
these claims, or one or more successful claims under which we incur greater liabilities than we currently
anticipate could materially and adversely affect our business, financial condition, results of operation and cash
flows.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
There were no matters submitted to a vote of our security holders through solicitation of proxies or
otherwise, during the fourth quarter of our fiscal year ended December 31, 2008.
PART II
ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER
MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
The following table describes the per share range of high and low sales prices for shares of each class of our
common stock for the quarterly periods indicated, as reported by the New York Stock Exchange (“NYSE”). Our
class A common stock, which trades under the symbol “CMG,” began trading on the NYSE on January 26, 2006,
and our class B common stock, which trades under the symbol “CMG.B,” began trading on the NYSE on
October 5, 2006.
Chipotle Class A
Common Stock
Chipotle Class B
Common Stock
High Low High Low
2007
First Quarter .............................. $ 65.25 $ 54.61 $ 61.17 $ 50.40
Second Quarter ............................ $ 88.70 $ 61.94 $ 81.95 $ 57.19
Third Quarter .............................. $119.97 $ 77.51 $109.20 $ 70.65
Fourth Quarter ............................. $155.49 $113.51 $129.64 $102.28
Chipotle Class A
Common Stock
Chipotle Class B
Common Stock
High Low High Low
2008
First Quarter .............................. $150.00 $ 90.09 $124.45 $ 77.13
Second Quarter ............................ $121.29 $ 81.83 $105.14 $ 73.74
Third Quarter .............................. $ 89.27 $ 53.00 $ 81.01 $ 45.00
Fourth Quarter ............................. $ 67.92 $ 36.86 $ 61.21 $ 32.47
As of February 11, 2009, there were approximately 443 holders of our class A common stock and
approximately 1,013 holders of our class B common stock, in each case as determined by counting our record
holders and the number of participants reflected in a security position listing provided to us by the Depository
Trust Company. We estimate that there are approximately 37,000 beneficial owners of our class A common stock
and approximately 16,000 beneficial owners of our class B common stock.
21
Annual Report