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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. and Ukraine.