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Cyber Ring Made $100M on Stolen News Releases by Phishing - ClaimsJournal.com

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 allegedly made $17 million worth of trades and orders betting Panera’s stock would lose value once the news went public. They were correct, and for their efforts walked away with nearly $1 million in profit, according to a criminal indictment unsealed Tuesday against nine people in the U.S....(continued)

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