February 3, 2021 - The case was dismissed.

April 30, 2020 - A second amended complaint was filed.

March 16, 2020 - The court granted the defendants' motion to dismiss. The plaintiffs were given leave to amend the complaint.

March 29, 2019 - A motion to dismiss the amended complaint was filed.

February 19, 2020 - An amended complaint was filed.

August 30, 2018 - An investor in shares of Papa John’s International, Inc. (NASDAQ: PZZA) filed a lawsuit in the U.S. District Court for the Southern District of New York over alleged violations of Federal Securities Laws by Papa John’s International, Inc. in connection with certain allegedly false and misleading statements made between February 25, 2014 and July 19, 2018.

Louisville, KY based Papa John's International, Inc. operates and franchises pizza delivery and carryout restaurants under the Papa John's trademark in the United States and internationally. Papa John's International, Inc. reported that its annual Total Revenue rose from over $1.71 billion in 2016 to over $1.78 billion in 2017 and that its net Income declined from $102.82 million in 2016 to $102.29 million in 2017.

On July 10, 2018, after the market closed, and July 11, 2018, media outlets reported that Papa John’s founder, John Schnatter, used a racial slur during a conference call in May 2018.
Later that day, Papa John’s announced Schnatter’s resignation as chairman of Papa John’s board.

Then, on July 19, 2018, an article was published entitled “The Inside Story of Papa John’s Toxic Culture.” Citing “interviews with 37 current and former Papa John’s employees – including numerous executives and board members,” the article reported that “Schnatter’s alleged behavior ranges from spying on his workers to sexually inappropriate conduct, which has resulted in at least two confidential settlements.”

On July 26, 2018, it was reported that the founder and ousted former chairman of Papa John's International Inc on Thursday sued the pizzeria chain, complaining that the company had not provided adequate response to an earlier request for internal documents. The complaint comes after a request by John Schnatter and his attorneys access to company documents to inspect accusations of allegedly inappropriate behavior.

Shares of Papa John's International, Inc. (NASDAQ: PZZA) declined from $90.00 per share in late 2016 to as low as $43.95 per share on July 26, 2018.

According to the complaint the plaintiff alleges on behalf of purchasers of Papa John’s International, Inc. (NASDAQ: PZZA) common shares between February 25, 2014 and July 19, 2018, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between February 25, 2014 and July 19, 2018, the defendants made materially false and/or misleading statements and/or failed to disclose thatPapa John’s executives, including John H. Schnatter, engaged in a pattern of sexual harassment and other inappropriate workplace conduct, that Papa John’s Code of Ethics and Business Conduct was inadequate to prevent the foregoing misconduct, that the foregoing conduct would foreseeably have a negative impact on Papa John’s business and operations, and expose Papa John’s to reputational harm, heightened regulatory scrutiny, and legal liability, and that as a result, Papa John’s public statements were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.