SINGAPORE -- Inno-Pacific Holdings Ltd. (P.IP), of Singapore, owner of Shakey's Pizza, has asked the Singapore Exchange to suspend trading of its shares.
According to Dow-Jones Newswires, a brief statement from Inno-Pacific delivered to the exchange said that an announcement will follow. No details were given as to when.
Shakey's Pizza, Inc., is headquartered in Garden Grove, Calif. Though a reported 400 Shakey's stores are spread throughout Southeast Asia, there are only 61 stores in the U.S., down from nearly 400 in the mid-1970s.
Founded in 1954, the pizza parlor pioneer is facing at least two lawsuits brought by franchisees, which accuse the company of breach of contract, fraud and negligent misrepresentation. The first of those suits is expected to be tried later this month.
Plaintiffs claim that during its 14-year ownership of Shakey's, Inno-Pacific has diverted franchisee royalties to its other businesses instead of using them for development of the Shakey's concept. Additionally, the company has seen the appointment and dismissal of 12 presidents during that time. Shakey's thirteenth and current president, Sean Flynn, was hired last year.
In addition to Shakey's, Inno-Pacific's business interests include management services and high-tech communications.