This week has been jam-packed with earnings, stocks plunging, and reports of personal misconduct by CEOs of large corporations. At press time, the latter is playing out—but it’s not looking good. On Friday, the CBS Leslie Moonves investigation was announced.

Specifically, CBS Corporation announced that it was investigating claims of personal misconduct by CEO Leslie Moonves. There are two things to take away from this, and neither has to do with the news sending the CBS stock down more than 5%.

CBS Leslie Moonves Investigation: July 27th, 2018

The first thing to take away is this: CBS, a broadcasting and media company, announced the Leslie Moonves investigation before the New Yorker, which is suspected to publish a story on it soon.

It could be that CBS is trying to get ahead of the game, looking to lessen the blow for when the New Yorker article comes out. Still, it’s not clear what the article will be about exactly.

Second, the timing of the personal misconduct allegation comes as Leslie Moonves is in the middle of a battle with National Amusement, a CBS shareholder, and a large one at that.

It’s also worth mentioning that Moonves remains CEO, and despite there being an ongoing investigation, CBS has not changed his status. Further, members of the board have said Moonves has their “full support.”

The CBS Corp Stock (NYSE:CBS)

Both in the regular trading session and in the after-hours sessions, the CBS Corp stock has found itself in the red zone.

At market close, CBS Corp. was trading at $54.01, which means the stock closed down 6.12%.

Meanwhile, in after-hours trade, CBS Corporation is currently trading at $53.80, which puts it down 0.39%.

The Takeaway

What do you think about the CBS Leslie Moonves investigation? What do you suspect the New Yorker will say? I would keep an eye out for it (I will be!) because if the story is as worrisome as people are making it out to be, the stock could go for quite the ride.

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Featured image: CBS