Thomson Reuters' Eikon Social Media Monitor shows sentiment towards Papa John's turned negative in July, having been firmly in positive territory in previous months.
Schnatter stepped down as chairman of the board earlier this month amid accusations that he used a racist epithet and graphic descriptions of the mistreatment of African Americans during a meeting with a media agency.
Shares of Papa John's International Inc (PZZA.O) fell 8 percent on Monday after the pizza chain said it would implement a "poison pill" stock dilution that would act against any move by founder John Schnatter to take a bigger stake. He later called the resignation a "mistake".
Analysts have said that the Schnatter incident is likely to hurt Papa John's share in a USA restaurant market where it is competing with Domino's Pizza (DPZ.N) and Yum Brands' (YUM.N) Pizza Hut.
But getting rid of Schnatter completely will be hard.
The move is created to prevent Schnatter, the company's largest individual shareholder, from acquiring a larger stake than the roughly 30% of shares he already owns.
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Schnatter isn't going quietly.
Shares of the pizza chain have tumbled 24% since November, when Schnatter slammed the National Football League for "poor leadership" and blamed player protests for a slump in sales. He said its decision to remove him was based on "rumor and innuendo".
In a press release out Sunday, the company's board of directors announced a plan aimed at preventing Schnatter from taking over the pizza chain. The poison pill language adopted by the board is created to prevent anyone from taking control of the company by buying a controlling stake in the open market.
Stockholders would then be allowed to buy shares at a discount, diluting the control of Schnatter or anyone else trying to build up a stake. Those rights go into effect only if a person or group acquires 15 percent or more of common stock without the approval of Papa John's board of directors.
Schnatter owns more than nine million shares of Papa John's stock.