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Feb 14, 2020

MTY Food Group delays Q4 results after alleged whistleblower complaint

MTY Foods

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MONTREAL - Quebec-based fast food restaurant chain MTY Food Group Inc. is delaying the release of its quarterly results citing allegations made by a whistleblower employee.

The owner of brands such as Thai Express, Tiki-Ming, Tutti Frutti and Valentine saw its shares lose $4.66 or 7.8 per cent at $55.07 in early afternoon trading on the Toronto Stock Exchange.

The company said in a statement that the allegations, which have not been publicly disclosed, were "baseless and frivolous."

MTY was expected to release its fourth quarter results on Tuesday. A new release date wasn't provided but the company says it expects its financial performance will be released by the regulatory deadline of Feb. 28.

Analyst Vishal Shreedhar of National Bank Financial says the allegations could be "serious" and leave a negative impression.

As of Aug. 31, the MTY network had 7,441 stores, of which 163 were operated by MTY and 7,278 were franchisees. About 55 per cent of restaurants are in the United States and 38 per cent in Canada.