Thesis
Papa John's (PZZA) was a tempting turnaround bet in the low-$40s prior to the involvement of NBA basketball legend Shaquille O'Neal in March. The stock quickly shot beyond $50, thanks to the Shaq announcement and other strategic announcements following a sizable investment by activist hedge fund Starboard.
Though Q1 results beat expectations, a lot of the optimism was already baked into the stock price. With the recent removal of its auditor, it is unclear if the company has accounting issues that may become a problem.
It also remains to be seen if