Owner Of Popeyes Fast-Food Chain To Pay $ 15 Million To Settle Suits

Owner Of Popeyes Fast-Food Chain To Pay $ 15 Million To Settle Suits - 4/23/2005

Home

Index of Filings

News and Press Releases

Filings

Decisions

Settlements

Litigation Activity Indices

Top Ten List

Annual/Quarterly Updates

Clearinghouse Research

Articles & Papers

Search

Related Sites

About Us

Local Rules

Sponsors

Register

_______________
Copyright © 2001
Stanford Law School

2005 News and Press Releases

SEARCH

News	News 2005
HEADLINES \| SETTLEMENTS AND DISMISSALS \| COURT FILINGS LINKS TO OTHER NEWS \| NEWS ARCHIVE	HEADLINES ARCHIVED SETTLEMENTS AND DISMISSALS ARCHIVED

SETTLEMENT NEWS:

Owner Of Popeyes Fast-Food Chain To Pay $ 15 Million To Settle Suits
Leon Stafford

Atlanta Journal and Constitution. April 23, 2005
_________________________________________________________________________

EXCERPT: Atlanta-based AFC Enterprises will pay shareholders $ 15 million to settle consolidated lawsuits over financial restatements that two years ago sent the company into a tailspin. The owner of the Popeyes Chicken & Biscuits fast-food chain said Friday the cash payment is its first response to multiple suits filed after it announced plans to restate results for 2000, 2001 and part of 2002. The company, which still faces other restatement-related lawsuits, said it is not admitting any guilt through the settlement. The deal awaits federal court approval. "Today's announcement really allows us to move forward and further focus our attention on Popeyes' core business," said Felise Kissell, AFC vice president of investor relations and finance. The settlement gets AFC -- the third-largest fast-food chicken chain behind KFC Corp. and Atlanta-based Chick-fil-A Inc. -- one step closer to putting behind it the distracting accounting saga. The one-time darling of Wall Street briefly lost its Nasdaq Stock Market listing, was forced to relinquish to creditors the proceeds from the sale of Seattle's Best Coffee business to rival Starbucks Corp. and still is being investigated by the Securities and Exchange Commission because of the accounting irregularities. Last year, AFC sued its former auditor, Arthur Andersen, saying it was partly to blame.

Back to News page | Back to Archived News 2005 page | Back to Top

�