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Papa John’s Founder John Schnatter Sold Millions in Stock

Ed Lin

(PZZA) founder John Schnatter is no longer an executive at the pizza chain, and last week he began to sell millions of dollars of the company’s stock that he owns. Schnatter filed a form with the Securities and Exchange Commission on May 6 that said he “has solicited the advice of financial advisors regarding a possible disposition of all or some of his Common Stock in the Issuer.” As of April 30, he owned a 31% stake in Papa John’s (ticker: PZZA), a total of 9.97 million shares. Schnatter disclosed in SEC filings last week that he sold 314,144 Papa John’s shares from May 10 through 15 for a total of $16.2 million, or $51.43 each on average.