A rash of negative publicity surrounding pizza chain Papa John’s now-ousted founder and former board chairman John Schnatter has snowballed into a new securities class action filed in the U.S. District Court for the Southern District of New York Thursday.
The suit alleges the company failed to follow through on its own publicly stated code of ethics and behavior policies over the course of the class period going back to 2014. More even than Schnatter’s well-publicized use of a racial epithet during an investor call back in May, the suit points to a recent Forbes story that detailed allegations of sexual harassment and executive incompetence by Schnatter and those around him, including his successor as CEO, Steve Ritchie.
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