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Turmoil Envelopes AFC Enterprises

1 min read
Opinions expressed by Entrepreneur contributors are their own.

Atlanta--The chief marketing officer for Church's Chicken has resigned, becoming the latest in a line of executives to exit AFC Enterprises amid a corporate accounting scandal and a barrage of shareholder lawsuits. Recently, Popeyes Chicken President Jon Luther and Chief Menu and Marketing Officer Joe Scafido departed and Cinnabon Chief Marketing Officer Steve McMahon left that chain earlier this year. AFC announced in March that it would restate its financials for fiscal 2001 and the first three quarters of 2002. AFC stock plunged 20 percent in very heavy trading, and shortly thereafter, investors began filing lawsuits. Court filings to the U.S. District Court in Atlanta allege securities fraud and include an accusation that some executives capitalized on overstated figures by selling their stock. -AdAge.com