CBS Investors In #MeToo Suit Must Show Moonves Hurt Stock

Law360, New York (February 21, 2020, 4:44 PM EST) -- A Manhattan federal judge on Friday said a potential class of investors targeting CBS Corp. in relation to the #MeToo movement must prove former CEO Les Moonves made reassuring statements before revelations about his own alleged sexual misconduct tanked CBS shares.

The "price impact" of Moonves' disastrous #MeToo comments, if any, is "the whole ball of wax" in the high-profile case, U.S. District Judge Valerie E. Caproni told counsel for the Construction Laborers Pension Trust for Southern California, which hopes to lead the class.

"If you can't prove [price impact], then you can't get class certification, right?" the judge said, as...

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