Peanut Allergies, Food Labels, and Allergy Warnings

I recently read an article about a teenager who ate a pretzel snack mix and died from an anaphylactic reaction.  His mother had read the allergy warnings (which only stated it may contain tree nuts).  Thinking the food item was safe for her peanut allergic son, they both began eating the snack food.  Minutes later, the teenage boy began having issues and turned to his mother and said that he thought it might have peanuts in it.  His mother then read the entire label of ingredients and peanuts were listed, even though peanuts were not listed in the warnings.

This was a truly sad story and made me think about how diligent you always have to be when reading food labels.  It is never enough to read the warnings.  It is always worth the extra time to read the entire label.  

Do you read the entire label or only the allergy warnings?