The New York investment bank held more than 2.76 million shares of Potbelly at the end of March, which amounted close to 10 percent of the Chicago-based sandwich chain's outstanding stock.
The news comes less than a week after the Potbelly released discouraging financial results for the second-quarter. Potbelly's CEO Aylwin Lewis acknowledged in the report that the company must experiment with service, menu and messaging tactics to win back sales and profits.
Potbelly shares rose 0.8 percent today to trade in the $12.30 range at midday. Potbelly shares nearly doubled to close at $30.77 on Oct. 4, the stock's first day of trading.
Potbelly representatives did not respond to requests for comment. A Morgan Stanley representative declined to comment.
8/28/14 update:
8/28/14 update:
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