According to the Complaint, Papa Murphy's Holdings, Inc. is a franchisor and operator of the largest “Take ‘n’ Bake” pizza brand in the United States, selling hand-crafted, fresh pizzas for customers to bake at home.

This action stems from a proposed transaction announced on April 11, 2019, pursuant to which Papa Murphy’s Holdings, Inc. will be acquired by affiliates of MTY Food Group Inc.

On April 25, 2019, Defendants filed a Solicitation/Recommendation Statement with the United States Securities and Exchange Commission in connection with the Proposed Transaction. The Complaint alleges that the Solicitation Statement omits material information with respect to the Proposed Transaction, which renders the Solicitation Statement false and misleading.

This case was voluntarily dismissed on July 17, 2019. A related case continues in the Western District of Washington.

On September 9, 2019, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed an amended Complaint on November 8. Defendants filed a Motion to Dismiss the amended Complaint on January 7, 2020. On June 10, the Court issued an Order granting Defendants' Motion to Dismiss. Plaintiffs were given leave to amend the Complaint. Lead Plaintiff filed a second amended Complaint on July 10. Defendants filed a Motion to Dismiss on August 24. On April 22, 2021, the Court issued an Order denying Defendants' Motion to Dismiss.

On August 6, 2021, the Court stayed this case pending the filing of a petition for permission to appeal in the U.S. Court of Appeals, the disposition of that petition, and the disposition of any appeal permitted by the Court of Appeals.

On November 29, 2021, the parties entered into a Stipulation of Settlement. The Court issued an Order granting preliminary approval of the Settlement on January 7, 2022. On May 2, the Court granted final approval of the Settlement, including an award of Attorneys’ Fees and Expenses, and entered Final Judgment.

The Court issued an Order approving distribution of the Settlement funds on February 24, 2023.