Papa John’s Stock Is Sliding After Reports The Founder Used A Racial Slur On A Call

Craig Giammona and Matthew Boyle / Bloomberg, Time: Business
Wed, 07/11/2018 - 10:42am

(Bloomberg) — Papa John’s International Inc.’s outspoken chairman John Schnatter is facing another controversy that is battering the shares of the pizza chain he founded. Just seven months after exiting the CEO role after making critical comments about the NFL’s national-anthem dispute, Schnatter is under fire following a media report he allegedly used a racial slur and graphic descriptions of violence against minorities on a May conference call with a media agency. Shares fell as much as 5.9 percent on Wednesday to $47.80 as of 11:05 a.m., the lowest intraday level since February 2016. A Papa John’s spokesman declined to comment on the report but sent an emailed statement that said the company “condemns racism and any insensitive language, no matter the situation or setting.” Agency Exit A media agency working with Papa John’s decided to cut ties after Schnatter’s alleged behavior on the May call, according to Forbes.

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