‘EYE’ OF THE $TORM

Moonves sold CBS stock as scandal brewed: suit

CBS’ disgraced ex-boss Les Moonves and other top execs dumped a “suspicious” amount of stock — worth more than $200 million — as an epic sexual-harassment scandal engulfed the company, according to fresh allegations from investors.

Moonves alone dumped a total of $155 million as news outlets deepened their investigations into the mess — eventually reporting that he had harassed and assaulted six women, CBS sharehold- ers alleged in an amended lawsuit Tuesday.

At the time, the broadcasting behemoth had insisted it had a “zero tolerance” policy for sexual misconduct. But as early as November 2017, Moonves reportedly knew about the Los Angeles Police Department’s criminal investigation into sexual-assault allegations against him, according to the suit filed in Manhattan federal court.

The fact that Moonves kept mum — leaving shareholders clueless about the probe into his alleged misconduct and a CBS frat-house culture of “sexual harassment, intimidation and retaliation” — means that CBS at the time had an “inflated stock price,” the suit alleges.

Moonves likewise had been bracing for an explosive story about misconduct allegations against him to be “published imminently” by Ronan Farrow, the plaintiffs added. Nevertheless, Moonves sold more than $53 million worth of stock between mid-December 2017 and May 2018.

Meanwhile, Moonves’ No. 2 exec, Joe Ianniello — now the interim CEO of CBS and a candidate to become Moonves’ permanent replacement — sold $19 million worth of stock between January and June 2018.

That’s despite reports that, by December 2017, “CBS executives had been told that reporters for The [New York] Times and The Wall Street Journal were asking around about sexual-harassment allegations involving Mr. Moonves,” the suit said.

Ianniello’s stock sales took place mainly around the $60- a-share level, according to securities filings. On Tuesday, CBS shares closed at $48.38.

A rep from CBS denied any wrongdoing.

“The vast majority of sales mentioned in this complaint were made as part of preplanned selling arrangements designed to comply with applicable securities laws,” the rep said. “The remaining sales were subject to CBS’ customary pre-clearance policies and procedures and were properly disclosed.”