Panera pays 5.75 million dollars to settle class action claim that it misled investors about performance of its Crispani

Panera Bread Co. agreed to pay $5.75 million to settle a shareholder class action alleging that it misled investors about the sales performance of its Crispani pizza product.  Specifically, the suit alleged that executives of the company, including chairman Ron Schaich, made false and misleading statements about Crispani, which artificially inflated Panera's stock.  The product was subsequently discontinued in 2008 as a result of poor performance.  Panera Bread Co., chain of bakery cafes based in St. Louis (Sunset Hills), Missouri, was represented by Attorney Mike Bongiorno.  According to an article, Bongiorno indicated that one of Panera's insurers would pay the settlement figure.