Report: Moonves Dumped CBS Stock As Scandal Grew

Les Moonves

CBS’ ex-boss Les Moonves and other top execs dumped a “suspicious” amount of stock — worth more than $200 million — as an epic sexual harassment scandal engulfed the company, according to fresh allegations from investors.

According to The NYPost, Moonves alone dumped a total of $155 million as news outlets deepened their investigations into the mess — eventually reporting that he had harassed and assaulted six women, CBS shareholders alleged in an amended lawsuit Tuesday,

At the time, the broadcasting behemoth had insisted it had a “zero tolerance” policy for sexual misconduct. But as early as November 2017, Moonves reportedly knew about the Los Angeles Police Department’s criminal investigation into sexual assault allegations against him, according to the suit filed in Manhattan federal court.

The fact that Moonves kept mum — leaving shareholders clueless about the probe into his alleged misconduct and a CBS frat-house culture of “sexual harassment, intimidation and retaliation” — means that CBS at the time had an “inflated stock price,” the suit alleges.

Moonves likewise had been bracing for an explosive story about misconduct allegations against him to be “published imminently” by Ronan Farrow, the plaintiffs added.

Nevertheless, Moonves sold more than $53 million worth of stock between mid-December 2017 and May 2018.

Meanwhile, Moonves’ No. 2 exec, Joe Ianniello — now the interim CEO of CBS and a candidate to become Moonves’ permanent replacement — sold $19 million worth of stock between January and June 2018.