'Cease and desist' order filed ? Missouri securities regulators have accused an O'Fallon, Mo., man of fraudulently raising $4 million from investors, some of them members of his church.
The secretary of state's office filed a "cease and desist" order against Kevin Brown of Invision Investments. Such orders tell a person to stop violating securities laws.
Brown and his firm could not be reached for comment.
Secretary of State Robin Carnahan's office said Brown raised $4 million from about 80 investors, including 20 in Missouri. Some, like Brown, were members of the United Pentecostal Church International.
Brown managed two real estate investment companies, both named Invision Investments, in St. Louis and Columbus, Ohio. Carnahan's office alleges that Brown induced people to invest in his real estate businesses and issued notes promising to pay up to 25 percent annual interest.
Brown also is accused of persuading investors to buy stock through him in Ubiquity Broadcasting Co. of California, telling some that the company was about to "go public" at a substantial profit to investors.
Brown wasn't licensed to sell securities, the state said.
He faces possible fines of more than $85,000 and orders to return $4 million to investors. The action against him is civil, not criminal. (Jim Gallagher)
Panera settles suit ? Panera Bread Co. disclosed Monday in a regulatory filing it has agreed to pay $5 million to settle class-action suits filed by former employees who alleged the bakery-cafe chain failed to pay overtime and provide breaks at some company or franchised stores in California.
The settlement requires approval in California Superior Court, but Sunset Hills-based Panera said it has set aside $5 million to pay claims. The company has denied liability and wrongdoing and makes no admission of wrongdoing in connection with the proposed settlement, Panera said.
Suits filed in 2009 and last year in Contra Costa and San Bernardino counties accused the company of violating the California Labor Code, failure to pay overtime, failure to provide meal and rest periods and "termination compensation," plus violations of California's Unfair Competition Law.
Panera operates in the St. Louis area as St. Louis Bread Co. (Tim Bryant)
Laclede retirement date set ? Laclede Group Inc. says chairman Douglas H. Yaeger will retire from the company's board of directors Jan. 31 — the same date he departs as chief executive.
"Although the board asked me to serve the remaining year of my term, after thoughtful consideration I have decided not to do so," Yaeger said in a statement.
Yaeger, 62, announced at the beginning of the year that he would retire as CEO in February. His successor in that post is Suzanne Sitherwood, an Atlanta utility executive who joined the company as president in September.
Laclede Group is the parent of Laclede Gas Co., Missouri's largest natural gas utility, with about 630,000 customers. (Jeffrey Tomich)
Covidien announces purchase ? Dublin-based Covidien PLC, a drug and medical device maker with operations in Hazelwood, said Monday it will buy privately held Barrx Medical Inc. for about $325 million.
Barrx, based in Sunnyvale, Calif., makes a device that uses radio frequencies to treat Barrett's esophagus syndrome, a precancerous condition that is often the result of heartburn and can lead to esophageal cancer.
Covidien said it expects to complete the acquisition by Jan. 31. The company's Mallinckrodt Pharmaceutical and Mallinckrodt Imaging units are based in Hazelwood. (Tim Bryant)
Google expands program ? Online search engine company Google is expanding its daily deal program, Google Offers, to St. Louis today.
Five other cities also will debut deals through Google Offers today: Detroit; Long Beach, Calif.; Fort Worth, Texas; Sacramento, Calif.; and Indianapolis.
Google began offering the service in 26 cities earlier this year. Its first local deal is for 52 percent off food and drinks at Zia's on the Hill Italian restaurant.
Mountain View, Calif.-based Google joins a crowded landscape, as numerous other daily deal programs have debuted in recent years following the success of Groupon, which launched in November 2008. The Post-Dispatch has its own daily deal site, Today's Deal, on STLtoday.com. (Lisa Brown)
EARNINGS
? Hewlett-Packard reported lower revenue and earnings Monday. The technology company reported that net income in the fourth fiscal quarter fell 91 percent, to $200 million, or 12 cents a share, from $2.5 billion, or $1.10 a share, in the year-ago quarter. The quarter includes after-tax costs of closing its webOS software business of $2.1 billion. The company said revenue fell 3 percent, to $32.1 billion, from $33.3 billion in the same quarter a year ago.
? Tyson Foods' net income for the fourth quarter was less than half of what it was last year, the meat producer said Monday, with higher grain costs offsetting better prices and revenue, particularly in its chicken business. While there were operating income declines of $3 million and $12 million for beef and pork, respectively, that metric tumbled $223 million for chicken, meaning that an operating income of $141 million last year in chicken turned into an operating loss of $82 million in the final quarter.
Tyson posted a net income of $97 million, or 26 cents per share, for the final quarter of the year, compared with $213 million, or 57 cents per share, a year ago. The results fell short of the 31 cents per share that analysts had expected, according to a survey by FactSet. fmlht111124
Business digest
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