CBS Corp. said Friday it will investigate allegations of misconduct made against Chief Executive Les Moonves by The New Yorker in an article written by Ronan Farrow that is expected to be published later Friday. “All of personal misconduct are to be taken seriously,” CBS said in a statement. “Upon the conclusion of that investigation, which involves recently reported allegations that go back several decades, the Board will promptly review the findings and take appropriate action,” it added. The Hollywood Reporter earlier said that the New Yorker report discusses allegations of instances of unwanted kissing and touching over two decades ago. This comes at a difficult time for Moonves, who is currently engaged in a contentious legal battle with Shari Redstone, the controlling shareholder of CBS and Viacom , over the future of the company. CBS noted its “very public legal dispute.” While “that litigation process continues, the CBS management team has the full support of the independent board members,” said the statement. Shares fell 5.3% on the news and are down 7.6% in 2018, while the S&P 500 has gained 5.4%.