Panera Bread Settles Labor Lawsuits, Reserves $5 Million For Payment of Claims (PNRA)

Panera Bread (NASDAQ:PNRA) disclosed in a regulatory filing that it has entered into a Memorandum of Agreement regarding the proposed settlement of class action lawsuits filed against the company in California that alleged, among other things, violations of the California Labor Code, failure to pay overtime, failure to provide meal and rest periods and termination compensation and violations of California's Unfair Competition Law. The California Superior Court conditions the proposed settlement upon final approval, but the company has reserved $5 million for the payment of claims under the proposed settlement. The company said that this reserve was not included in its October 25 Q4 guidance. Panera Bread (NASDAQ:PNRA) has potential upside of 9.2% based on a current price of $132.91 and an average consensus analyst price target of $145.13. Panera Bread is currently above its 50-day moving average (MA) of $118.75 and above its 200-day of $118.93. In the last five trading sessions, the 50-day MA has climbed 2.07% while the 200-day MA has risen 0.79%. Panera Bread Company owns and franchises bakery cafes. The Company's bakeries operate under the Panera Bread and Saint Louis Bread Co. names. Panera operates throughout the United States and offers free broadband Wi-Fi network.