PZZA Investor Alert: Papa John's International, Inc. Securities Class Action Notice - Contact Levi & Korsinsky

Time-Sensitive: Allegations Focus on Representations About the Pace of Papa John's Turnaround and the Potency of its Innovation Pipeline.

NEW YORK, Sept. 23, 2026 /PRNewswire/ -- Levi & Korsinsky, LLP alerts investors in Papa John's International, Inc. (NASDAQ: PZZA) of a pending securities class action on behalf of shareholders who purchased securities between August 7, 2025 and August 5, 2026. Check if you might be eligible to recover your investment losses, or contact Joseph E. Levi, Esq. at [email protected] or (212) 363-7500.

PZZA INVESTOR ALERT

PZZA fell approximately 17.18% in a single session on August 6, 2026, a decline of $5.11 per share, after the Company reported an 8.3% decrease in North American comparable sales, suspended its dividend, and cut its 2026 North American outlook from a 3% decline at the midpoint to a 6-8% annual decline. The Court has set November 2, 2026 as the deadline to apply for lead plaintiff appointment.

What Management Allegedly Knew About the Pace of the Turnaround

Throughout the Class Period, management characterized the brand transformation as progressing, with improved value and quality perception that would "translate into market share gains," the lawsuit asserts. As alleged, investors were not told that the transformation was "taking longer than expected," that it was failing to stem market share losses, or that the Company would need a significant escalation in promotional activity to defend its competitive position.

When the reset arrived, the Company acknowledged it had not been able to "meet the consumer as much as [it] should have" and that the rebuilt innovation pipeline was "not bringing in as many new customers" as expected.

Promotional Escalation Trends in the QSR Pizza Category

• Management flagged a "more promotional QSR marketplace" as early as November 2025 while projecting improved trends later in the cycle, the action claims.
• Roughly $22 million in supplemental marketing and franchisee subsidies was budgeted for 2026 to support the menu and promotional strategy.
• U.S. market share "slightly softened" in 2025, with system-wide sales down just under 1% for the year.
• North American comparable sales moved from up 1%, to down 3%, to down 5%, before the 8.3% decline disclosed in August 2026.
• Consolidated adjusted EBITDA guidance for 2026 was framed at $200 million to $210 million as an "investment year."

Why Turnaround Timing Disclosure Allegedly Matters to Investors

A discounting pivot of this scale changes the earnings math for a franchised restaurant system. As alleged, purchasers acquired PZZA at artificially inflated prices because the required promotional shift and continuing share erosion were not disclosed when the strategy was described as working.

"Investors deserve transparency about material risks that could affect their investments, including how long a turnaround is actually taking and what it will cost to defend market share. The complaint alleges shareholders were told the transformation was on track while a far sharper promotional pivot was required." -- Joseph E. Levi, Esq.

Learn more about the case or call (212) 363-7500.

ABOUT LEVI & KORSINSKY, LLP — Over the past 20 years, Levi & Korsinsky has secured hundreds of millions of dollars for aggrieved shareholders. The firm has extensive expertise in complex securities litigation and a team of over 70 employees. For seven consecutive years, Levi & Korsinsky has ranked in ISS Securities Class Action Services' Top 50 Report. Investors who suffered losses have until November 2, 2026 to seek appointment as lead plaintiff.

Frequently Asked Questions About the PZZA Lawsuit

Q: What is the PZZA lead plaintiff deadline? A: The deadline to apply for lead plaintiff appointment is November 2, 2026. This deadline applies only to investors seeking to serve as lead plaintiff. Class members who do not apply may still participate in any recovery without taking action before this date.

Q: What specific misstatements does the PZZA lawsuit allege? A: The complaint alleges Papa John's International, Inc. made materially false or misleading statements regarding the effectiveness of its strategic transformation and its ability to stabilize growth against a cautious consumer market during the Class Period. When the Company disclosed an 8.3% decrease in North American comparable sales, the suspension of its dividend, and a reduction of its 2026 outlook to a 6-8% annual decline, the stock price declined sharply.

Q: When did Papa John's International, Inc. allegedly mislead investors? A: The Class Period runs from August 7, 2025 to August 5, 2026. The complaint alleges that corrective disclosures revealed information that caused a significant stock decline.

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 happens after I contact Levi & Korsinsky? A: An attorney will review your trading history at no cost and provide an initial assessment of your potential eligibility.

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: 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.

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.

CONTACT:\

Levi & Korsinsky, LLP\

Joseph E. Levi, Esq.\

Ed Korsinsky, Esq.\

33 Whitehall Street, 27th Floor\

New York, NY 10004\

[email protected]\

Tel: (212) 363-7500\

Fax: (212) 363-7171

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SOURCE Levi & Korsinsky, LLP