The board of directors at CBS seem to be playing it coy.
No surprise the board did not announce the decisions it made on Monday until after trading closed for the day. But, during the day the stock had declined another 5%.
That follows the plunge last week when The New Yorker article came out alleging sexual misconduct by CEO Les Moonves.
Well, the board announced it was in the process of choosing outside counsel to investigate the allegations reported about Moonves. Law firms tend to use sophisticated tactics of collecting evidence and interrogating those in the loop.
In addition, it indicated that Moonves stays, for now.
Also, and shareholders might be enraged, it postponed for a second time the annual investor meeting. Originally it was to meet in May. Then August 10th.
Meanwhile, another reason the future of CBS is in play is that there is a legal war going on for control of the corporation with shareholder National Amusements. Here are more details from Deadline.
There's a surge in the number of shareholder class action lawsuits during 2017 and 2018. CBS could join the list of defendants.
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