NEW ORLEANS--(BUSINESS WIRE)--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, founder John Schnatter resigned as Company chairman for using a racial slur during a conference call. Schnatter soon voiced regret for resigning and a battle ensued between he and the Board (he still retains his seat) over its efforts to limit his involvement. A July 19, 2018 Forbes report highlighted “Schnatter’s alleged behavior rang[ing] from spying on his workers to sexually inappropriate conduct” and “at least two confidential settlements.” On August 7, 2018, the Company reported disappointing Q2 2018 financial results. Schnatter blamed CEO Steve Ritchie for the poor performance and claimed that the Company has “detailed evidence of sexual misconduct, harassment and intimidation by virtually everyone in (Ritchie’s) inner circle,” which the Company denied. Schnatter recently filed suit against the board and CEO alleging breaches of care and duty.
The Company has been exposed to significant financial losses as well as a recent securities class action lawsuit for failing to disclose material information to investors, violating federal securities laws.
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 Kahn (lewis.kahn@ksfcounsel.com), 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.
