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Moonves, Others Sold CBS Stock Before Airing Claims, Suit Says

  • Pension fund sues over shares’ decline after misconduct claims
  • CBS executives alleged to have sold over $200 million in stock
Les Moonves
Les Moonves

Photographer: Patrick T. Fallon/Bloomberg

Updated on

CBS Corp. executives sold more than $200 million in company shares before disclosing claims of sexual misconduct against former CEO Les Moonves and other network officials, a California pension fund claimed in an updated lawsuit.

A group of executives -- including Moonves, acting CEO Joseph Ianniello, Chief Accounting Officer Lawrence Liding and former Chief Communications Officer Gil Schwartz -- sold 3.4 million shares from the start of 2017 through mid-2018, before The New Yorker published allegations by women against Moonves and others at the network, according to the revised complaint, filed Monday night by the Construction Laborers Pension Trust for Southern California.