Morgan & Morgan Investigates Panera Bread's Statements On Business Prospects

(RTTNews) - The law firm Morgan & Morgan said it is investigating whether Panera Bread Company, Inc. (PNRA) and certain of its officers violated the federal securities laws when making statements to investors regarding its operations and business prospects.

On October 22, 2013, after the market closed, PNRA advised investors that the company was experiencing "operation friction," resulting in part from long wait times at Company stores, poor equipment, and insufficient staff. As a result, sales at established company-owned restaurants grew less than expected.

Following this news, shares of PNRA fell $9.29, almost 5.7%, to close at $153.15 per share on October 23, 2013, Morgan & Morgan said.