CBS STOCKS FALL 5% AFTER CEO LESLIE MOONVES ACCUSED OF SEXUAL MISCONDUCT
https://www.cnbc.com/2018/07/27/cbs-drops-5-percent-after-report-that-les-moonves-accused-of-sexual-m.html
CBS stock plunges on reported Les Moonves accusations
CBS stock plunges on reported Les Moonves accusations
19 Mins Ago | 01:48
CBS shares fell 5 percent Friday on the news that CEO Leslie Moonves is accused of sexual misconduct in an upcoming Ronan Farrow expose.
The expose will be published in The New Yorker, CNBC has confirmed. The New Yorker article was first reported by The Hollywood Reporter. The entertainment news site reports the article will publish later Friday.
According to THR, the New Yorker article alleges that Moonves engaged in inappropriate sexual behavior including unwanted touching and kissing that is said to have occurred 20 years ago.
Farrow won a Pulitzer Prize for his reporting on Harvey Weinstein and the longstanding patterns of sexual misconduct. The revelations ultimately spurred the #MeToo movement.
CBS directors said in a statement, "All allegations of personal misconduct are to be taken seriously."
Here's the full statement:
"All allegations of personal misconduct are to be taken seriously. The Independent Directors of CBS have committed to investigating claims that violate the Company's clear policies in that regard. Upon the conclusion of that investigation, which involves recently reported allegations that go back several decades, the Board will promptly review the findings and take appropriate action. The timing of this report comes in the midst of the Company's very public legal dispute. While that litigation process continues, the CBS management team has the full support of the independent board members. Along with that team, we will continue to focus on creating value for our shareowners."
—CNBC's David Faber contributed to this report.
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