CBS Share Price Plunges Amid News of Forthcoming Les Moonves New Yorker Exposé

CBS Corporation share prices took a steep plunge Friday afternoon amid reports of a forthcoming exposé about alleged misconduct from its CEO Les Moonves.

The Hollywood Reporter published an article stating that a piece in the New Yorker—penned by Pulitzer Prize-winner Ronan Farrow—was set to drop on Friday and that it would reveal Moonves has been accused of "unwanted kissing and touching."

Quickly, CBS shares plunged. By about 12:30 p.m. ET, shares had dropped some six percent to around $54.

BREAKING: Shares of CBS Corp. slide sharply; CEO Leslie Moonves expected to be accused of sexual misconduct in forthcoming story https://t.co/jn8limUSe7 pic.twitter.com/nxVMRcY8Hu

— CNBC Now (@CNBCnow) July 27, 2018

New CBS statement on Leslie Moonves expose: "All allegations of personal misconduct are to be taken seriously" https://t.co/hPjvY0q2GT

— The Hollywood Reporter (@THR) July 27, 2018

The New Yorker piece had not yet been published at the time of this writing. CBS did respond to the Hollywood Reporter.

"All allegations of personal misconduct are to be taken seriously," CBS told the Hollywood Reporter in a statement, in part. "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."

Farrow's previous reporting on Harvey Weinstein helped spark the #MeToo movement and earned him the Pulitzer Prize.

Moonves, 68, is in the midst of a battle over control of CBS. He and Shari Redstone, president of CBS parent company National Amusements Inc., have been in a public battle over the direction of the company. There is a scheduled court date in October.