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Mary Jo White

Hacking ring accused of making $100M on stolen news releases

In late October 2013, Panera Bread Co., the national chain of restaurants that specializes in healthy soups and baked goods, prepared a news release to announce it was adjusting its earnings expectations downward for the recently begun fourth quarter. The release undoubtedly was one of many sent by publicly traded companies to business news services for publication. This one was different, though. As an unsuspecting investing public awaited the announcement, federal authorities say a group comprising computer hackers and stock traders already had seen the release in the computer system of Marketwired, the Toronto business newswire. Using the crucial information in the release, the group...