Suit Accuses Current, Former CBS Executives of Insider Trading – WSJ

Mr. Moonves, acting CEO Joe Ianniello, chief accounting officer Lawrence Liding and former communications chief Gil Schwartz collectively sold more than 3.4 million shares worth over $200 million before the company’s July disclosure that it would investigate Mr. Moonves, according to an amended complaint filed Monday in federal court in the Southern District of New York by the Construction Laborers Pension Trust for Southern California.

The timing and amount of the sales, the suit said, “were unusual and suspicious” and demonstrate a motive to commit fraud. According to the suit, Mr. Moonves sold stock valued at $155.3 million between June 2017 and May of 2018. During that time, the suit said, CBS was aware of media inquiries about sexual-harassment allegations against Mr. Moonves, who resigned in September.

via Suit Accuses Current, Former CBS Executives of Insider Trading – WSJ.