LOUISVILLE, Ky. -- According to published reports, John Schnatter, chairman and chief executive of Papa John's International Inc., sold 800,000 shares of stock in the company throughout November. The value of the sale was about $20 million.
SEC filings show Schnatter sold 490,000 shares in early November, and 310,000 shares over the last three days of the month. According to Foodservicetoday.com, the price for Papa John's dropped in step with Schnatter's first sale, falling from $28 a share to $24.62 by Nov. 19. The stock price averaged $25.15 per share during the second sell-off.
According to Dow Jones Newswires, Schnatter still holds 6,135,647 common shares in the 2,900-store takeout and delivery pizza chain headquartered in Louisville, Ky. The sale decreased his stake in the company to 27.1 percent, down from 29.6 percent last April.