Papa John’s President and Chief Executive Officer Todd Allan Penegor and former Chief Financial Officer Ravi Thanawala are named as individual defendants in a securities class action alleging they portrayed the Company’s strategic transformation as working while North American comparable sales allegedly deteriorated.

NEW YORK, Sept. 9, 2026 /PRNewswire/ — Levi & Korsinsky, LLP alerts investors in Papa John’s International, Inc. (NASDAQ: PZZA) that two senior officers, President and Chief Executive Officer Todd Allan Penegor and former Chief Financial Officer Ravi Thanawala, are named as individual defendants facing control person claims under Section 20(a) in a pending securities class action covering purchases between August 7, 2025 and August 5, 2026. Find out if you may be eligible to recover losses. You may also contact Joseph E. Levi, Esq. at jlevi@levikorsinsky.com or (212) 363-7500.

PZZA INVESTOR ALERT

The action centers on the August 6, 2026 announcement in which Papa John’s cut its 2026 North American comparable sales outlook from a 3% decline at the midpoint to an annual decline of 6-8% and suspended its dividend. PZZA fell $5.11 per share, or about 17.18%, to close at $24.64. The window to apply for lead plaintiff closes on November 2, 2026.

The Named Individual Defendants

Penegor served as President, Chief Executive Officer, and a Director for the entire Class Period. Thanawala served as Chief Financial Officer and EVP International until November 18, 2025, then as Chief Financial Officer and President of the North American business until June 30, 2026, remaining in an advisory capacity through July 31, 2026. Both are alleged to have possessed the power and authority to control the content of the Company’s SEC reports, press releases, and presentations to securities analysts and institutional investors.

Alleged Control Person Liability

• Authority over the content and timing of quarterly earnings releases and the North American comparable sales guidance issued during the Class Period.
• Access to internal reporting on transaction trends, promotional spending, and innovation pipeline performance before those figures reached the investing public.
• Signature and certification authority over periodic SEC filings under Sections 302 and 906 of the Sarbanes-Oxley Act.
• The ability, as alleged, to prevent or correct statements characterizing the transformation as delivering sustainable, profitable growth.
• Oversight of roughly $22 million in supplemental marketing and franchisee subsidies tied to the 2026 promotional and innovation calendar.
• Under Section 20(a) of the Exchange Act, officers alleged to have controlled a company that violated Section 10(b) may be held jointly liable for resulting investor losses.

Sarbanes-Oxley Certification Obligations

Sarbanes-Oxley certifications require signing officers to attest that periodic reports contain no untrue statement of material fact. The complaint contends those certifications were inaccurate because the transformation was allegedly taking longer than expected and ultimately required a sharp pivot toward promotional discounting that was not disclosed to shareholders.

“Corporate officers have a duty to ensure their companies’ public statements are accurate and complete. The complaint contends that shareholders were told the transformation was working while conditions allegedly pointed toward continued market share losses. Section 20(a) exists so that the individuals who controlled those disclosures can be held accountable.” — Joseph E. Levi, Esq.

Submit your information to learn more or call (212) 363-7500.

Levi & Korsinsky, LLP is a nationally recognized shareholder rights firm. Over the past 20 years, the firm has secured hundreds of millions of dollars for aggrieved shareholders. Ranked in ISS Top 50 for seven consecutive years.

Frequently Asked Questions About the PZZA Lawsuit

Q: Who are the defendants named in the PZZA lawsuit? A: The complaint names Papa John’s International, Inc. and individual defendants who were senior investors during the class period, including Todd Allan Penegor and Ravi Thanawala.

Q: What court was the PZZA class action filed in? A: The case was filed in the United States District Court for the Western District of Kentucky, Louisville Jury Division, governed by the Private Securities Litigation Reform Act of 1995.

Q: What is the PZZA class action lawsuit about? A: A securities class action has been filed against Papa John’s International, Inc. (NASDAQ: PZZA) alleging materially false and misleading statements between August 7, 2025 and August 5, 2026. Shares fell approximately 17.18% after the Company disclosed an 8.3% decrease in North American comparable sales, the suspension of its dividend, and a reduction of its 2026 North American outlook to a 6-8% annual decline. Investors who purchased shares during the Class Period and suffered losses may be eligible to seek compensation.

Q: What is a lead plaintiff and why does it matter? A: A lead plaintiff is the investor appointed by the court to represent the entire class. Lead plaintiffs are typically investors with the largest documented losses. Being appointed does not increase individual recovery but gives direct oversight of how the case is run.

Q: What do PZZA investors need to do right now? A: Investors may gather brokerage records showing purchase dates, share quantities, and prices paid. Submit your information for a no-cost, no-obligation evaluation of your potential recovery. No immediate action is required to remain eligible as an absent class member.

Q: What if I already sold my PZZA shares — can I still recover losses? A: Yes. Eligibility is based on when you purchased, not whether you still hold the shares. Investors who bought during the Class Period and sold at a loss may still be eligible to participate.

Q: Do I need to go to court or give testimony? A: No. The overwhelming majority of class members never appear in court or give depositions. If there is a settlement or recovery, eligible class members generally submit a claim form to seek their portion.

Q: What does it cost me to participate? A: There is no upfront cost to submit your information and review whether you may be eligible to recover. Should you choose to participate in the securities class action, they are generally handled on a contingency basis, with any attorneys’ fees and expenses subject to court approval.

CONTACT:
Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
Ed Korsinsky, Esq.
33 Whitehall Street, 27th Floor
New York, NY 10004
jlevi@levikorsinsky.com
Tel: (212) 363-7500
Fax: (212) 363-7171

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