NEW ORLEANS–(BUSINESS WIRE)–$PZZA #PZZA–Former Attorney General of Louisiana, Charles C. Foti, Jr., Esq., a
partner at the law firm of Kahn Swick & Foti, LLC (“KSF”), announces
that KSF has commenced an investigation into Papa John’s International,
Inc. (NasdaqGS: PZZA).
In July 2018, a public battle erupted between founder, John Schnatter,
and the Board of Directors after he resigned as Chairman when his use of
a racial slur during a conference call was made public, later reversing
his decision, leading the Board to limit his involvement. Schnatter, who
owns 30.9% of the Company, subsequently filed suit against the Board
alleging breaches of care and duty. Later, news reports revealed
allegations against Schnatter for inappropriate behavior that had
resulted in “at least two confidential settlements.” In August 2018 and
again in November, the Company reported disappointing quarterly
financial results amid the continuing fallout. Recently, a former
employee filed a class action lawsuit against the Company for utilizing
anti-competitive “no hire” agreements prohibiting its franchisees from
hiring workers from other company franchises.
The Company has been exposed to significant financial losses as well as
a securities class action lawsuit for failing to disclose material
information to investors, which is ongoing, and other litigation.
KSF’s investigation is focusing on whether Papa John’s officers and/or
directors breached their fiduciary duties to Papa John’s shareholders or
otherwise violated state or federal laws.
If you have information that would assist KSF in its investigation, or
have been a long-term holder of Papa John’s shares and would like to
discuss your legal rights, you may, without obligation or cost to you,
call toll-free at 1-877-515-1850 or email KSF Managing Partner Lewis
or visit https://www.ksfcounsel.com/cases/nasdaqgs-pzza/
to learn more.
About Kahn Swick & Foti, LLC
KSF, whose partners include Former Louisiana Attorney General Charles C.
Foti, Jr., is a law firm focused on securities, antitrust and consumer
class actions, along with merger & acquisition and breach of fiduciary
litigation against publicly traded companies on behalf of shareholders.
The firm has offices in New York, California and Louisiana.
To learn more about KSF, you may visit www.ksfcounsel.com.
Kahn Swick & Foti, LLC
Lewis Kahn, Managing Partner