JPMorgan Slashes Papa John's Stake
- Shareholder anxiety rising as public dispute stretches on
- Franchisees struggling to revive sales amid public battle
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One of Papa John’s International Inc.’s top shareholders has cut its stake in the embattled pizza maker.
JPMorgan Chase & Co., which held more than 5 percent of the company’s shares at the end of last year, has cut its holdings on behalf of clients to 2.4 percent, according to a filing with the U.S. Securities and Exchange Commission. The bank, which had been the chain’s fourth-largest shareholder at the end of the last quarter, is now No. 11, according to Bloomberg data.