NEW ORLEANS, Aug. 17, 2018 /PRNewswire/ — 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 Chairman of the Board amid public outrage over his use of a racial slur during a conference call. Soon after, he publicly voiced regret for stepping down and a battle between he and the Board (on which he still retains a seat) began over the Board’s efforts to limit his involvement with the Company. Schnatter filed suit against the Company seeking documents related to his removal, accusing the board of staging a possible “coup.” Further, a July 19, 2018 Forbes report highlighted “Papa John’s Toxic Culture,” stating that “Schnatter’s alleged behavior ranges from spying on his workers to sexually inappropriate conduct, which has resulted in at least two confidential settlements,” based on “interviews with 37 current and former Papa John’s employees—including numerous executives and board members.” Recently, the Company reported a 6.1% decline in North America same-store sales, the third quarter in a row with declining sales, and quarterly revenue fell more than 5%.
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 (email@example.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.
Kahn Swick & Foti, LLC
Lewis Kahn, Managing Partner
1100 Poydras St., Suite 3200
New Orleans, LA 70163
SOURCE Kahn Swick & Foti, LLC
Read on The Source