CBS Shareholders Accuse Les Moonves, Acting CEO Joe Ianniello of ‘Suspicious’ Stock Moves in Lawsuit
CBS shareholders, in an amended lawsuit filed on Monday, accuse former CEO Les Moonves, acting CEO Joe Ianniello and other CBS executives of selling off more than $200 million worth of stock while holding on to information about the company’s wide-spread sexual harassment issues that investors were not privy to.
“Before the disclosures about the company’s sexual harassment and hostile work environment problems were revealed to the market, defendant Moonves and other CBS executives, including defendants [ Joe Ianniello] and [Lawrence Liding] and chief communications officer [Gil Schwartz], collectively sold over 3.4 million shares of CBS stock, totaling over $200 million in proceeds, to the unsuspecting investing public while in possession of material non-public information, thereby profiting from their failure to disclose the truth to the market,” the lawsuit reads.
“The timing and amount of the Class Period CBS stock sales by these executives were unusual and suspicious, and further demonstrate defendants Moonves, Ianniello and Liding’s motive to commit fraud,...
“Before the disclosures about the company’s sexual harassment and hostile work environment problems were revealed to the market, defendant Moonves and other CBS executives, including defendants [ Joe Ianniello] and [Lawrence Liding] and chief communications officer [Gil Schwartz], collectively sold over 3.4 million shares of CBS stock, totaling over $200 million in proceeds, to the unsuspecting investing public while in possession of material non-public information, thereby profiting from their failure to disclose the truth to the market,” the lawsuit reads.
“The timing and amount of the Class Period CBS stock sales by these executives were unusual and suspicious, and further demonstrate defendants Moonves, Ianniello and Liding’s motive to commit fraud,...
- 2/12/2019
- by Trey Williams
- The Wrap
A shareholder lawsuit filed last summer against CBS and several of its current and former leaders has been amended to charge that $200 million in stock was unloaded by insiders who knew the company would face serious exposure in the second half of 2018.
The share sales were “timed to capitalize on CBS’s inflated stock price before defendant [Les] Moonves’s misconduct and the pervasive sexual harassment that permeated the company was revealed to the market,” the complaint alleges. The suit says the company’s declaration of a “zero-tolerance” policy against sexual harassment and other public assertions were contradicted by Ronan Farrow’s New Yorker exposés and later New York Times reports, amounting to a “fraudulent scheme.”
Led by shareholders Gene Samit and John Lantz, the putative class-action suit names CBS as well as ex-ceo Moonves, acting CEO Joe Ianniello, former Chief Accounting Officer Lawrence Liding (now head of China operations) and...
The share sales were “timed to capitalize on CBS’s inflated stock price before defendant [Les] Moonves’s misconduct and the pervasive sexual harassment that permeated the company was revealed to the market,” the complaint alleges. The suit says the company’s declaration of a “zero-tolerance” policy against sexual harassment and other public assertions were contradicted by Ronan Farrow’s New Yorker exposés and later New York Times reports, amounting to a “fraudulent scheme.”
Led by shareholders Gene Samit and John Lantz, the putative class-action suit names CBS as well as ex-ceo Moonves, acting CEO Joe Ianniello, former Chief Accounting Officer Lawrence Liding (now head of China operations) and...
- 2/12/2019
- by Dade Hayes
- Deadline Film + TV
Stars: John Holmes, Candida Royalle, Laurien Dominique, Christine De Shaffer, Desiree Cousteau, John Seeman | Directed by Bob Chinn
We all love pizza right? Sometimes there’s nothing better than kicking back on a lazy weekend evening, sinking some beers and ordering from your nearest pizza joint. Sometimes the service can be quite lousy, but every now and then they go above and beyond to deliver customer satisfaction. Thankfully, John over at Country Girl Pizza does exactly just that. John, played by John Holmes (Eruption, Johnny Wadd) not only provides you with inches of pleasure (the puns in the film are worse), but also uses his pizza parlour as a front for his escort service. Yep, it’s service with a smile and happy ending if you’re willing to tip! His hot pant and rollerblading clad staff include Gina, Shakey, Celeste and bubbly newcomer Ann Chovy (get it?) played by...
We all love pizza right? Sometimes there’s nothing better than kicking back on a lazy weekend evening, sinking some beers and ordering from your nearest pizza joint. Sometimes the service can be quite lousy, but every now and then they go above and beyond to deliver customer satisfaction. Thankfully, John over at Country Girl Pizza does exactly just that. John, played by John Holmes (Eruption, Johnny Wadd) not only provides you with inches of pleasure (the puns in the film are worse), but also uses his pizza parlour as a front for his escort service. Yep, it’s service with a smile and happy ending if you’re willing to tip! His hot pant and rollerblading clad staff include Gina, Shakey, Celeste and bubbly newcomer Ann Chovy (get it?) played by...
- 2/25/2015
- by Mondo Squallido
- Nerdly
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