Intellectual Property. Russell L. Parr

heavily during games. The company reacted to Schnatter's statement by removing him as CEO on January 1, 2018.

Another scandal broke out over use by Schnatter of a racial slur during a conference call, while trying to minimize controversy over other politically charged comments. Schnatter later asserted that Colonel Sanders had used the slur and it had not affected his popularity. Schnatter also apologized for the slur, saying it was “inappropriate and hurtful.”

Making matters worse, Schnatter's comments were praised by white supremacists, and Papa John's responded by saying it did not want white supremacists or their groups buying its pizzas. Mr. Schnatter, an outsized figure at the company who appeared frequently in its commercials and owns 30 percent of its stock, stepped down as chief executive and resigned as chairman of the board in May 2018.⁵

      Papa John's International, Inc. operates and franchises pizza delivery and carryout restaurants under the Papa John's trademark in the United States and internationally. It operates through five segments: Domestic Company-Owned Restaurants, North America Commissaries, North America Franchising, International Operations, and All Others. The company also operates dine-in and delivery restaurants. As of December 31, 2017, it operated 5,199 Papa John's restaurants, which included 743 company-owned and 4,456 franchised restaurants. The company was founded by John Schnatter in 1984, after selling his car and borrowing money to start his first pizza place.

      In mid-January 2018, shares of Papa John's traded at $68.62 per share. As turmoil swirled over the comments by Schnatter and his removal as CEO and resignation from the board, the share price dropped to $38.94 by August 8, 2018; a 43% drop in only seven months. With 31.62 million shares outstanding, the $29.68 per share drop in value equaled a loss of $938 million.

       LES MOONVES AND SEXUAL HARASSMENT CHARGES COST INVESTORS $2 BILLION

CBS Corporation operates as a mass media company worldwide. The company operates through four segments: Entertainment, Cable Networks, Publishing, and Local Media. The Entertainment segment distributes a schedule of news and public affairs broadcasts, and sports and entertainment programming; produces, acquires, and/or distributes programming, including series, specials, news, and public affairs; operates online content networks for information and entertainment; produces, acquires, and distributes theatrical motion pictures; and provides digital streaming services. The Cable Networks segment offers subscription program services, such as original series, theatrical feature films, documentaries, boxing and other sports-related programming, and special events. This segment also operates CBS Sports Network, a 24-hour cable program service that provides college sports and related content; and Smithsonian Networks, which operates a channel featuring cultural, historical, scientific, and educational programs. The Publishing segment publishes and distributes adult and children's consumer books in printed, digital, and audio formats; develops special imprints and publishes titles based on the products of the company, as well as that of third parties; and distributes products for other publishers. This segment also delivers content and promotes its products on its Websites, social media, and general Internet sites, as well as those related to individual titles. The Local Media segment owns 29 broadcast television stations and operates local websites, including content from the company's television stations. The company was founded in 1986 and is headquartered in New York, New York.

Les Moonves had a long career in the entertainment industry. At various points in his career he worked at 20th Century Fox Television, Lorimar Television, and Warner Bros. Television. He joined CBS in 1995 as president of CBS Entertainment. From April 1998 until 2003, he was president and chief executive officer at CBS Television, then was promoted to chairman and CEO of CBS in 2003. In 2003, CBS had 6 of the 10 most-watched primetime shows in the final quarter of 2005: CSI, Without a Trace, CSI: Miami, Survivor: Guatemala, NCIS, and Cold Case. He is also credited with the hugely successful Everybody Loves Raymond and The Big Bang Theory. Moonves was a powerhouse in the entertainment industry.⁶

On Friday, July 24, 2018, The New Yorker published allegations about sexual misconduct by Les Moonves, CEO of CBS for the prior 15 years. The report detailed allegations of harassment by six women, some incidents occurring in the 1980s and 1990s.

      On July 24, 2018, CBS stock traded at $57.53. The first day of trading after The New Yorker article was published about inappropriate behavior by Moonves, share prices of CBS began to fall and by July 30, 2018, share prices dropped to $51.28, a loss of $6.25 per share. With 338.52 million shares outstanding, the per share drop of $6.25 equaled a loss in shareholder value of $2.1 billion.

       STEVE WYNN AND SEXUAL HARASSMENT CHARGES COST INVESTORS $4 BILLION

      In 1989, the grand opening of the Mirage Resort & Casino changed the Las Vegas Strip from glorified slot machine barns into a fabulous resort destination. The Mirage property was unprecedented in its size and upscale show offerings. This imaginative effort was the brainchild of Steve Wynn. In the prior history of Las Vegas, nothing like it had ever been seen before. From this exciting start, Steve Wynn built Wynn Resorts Ltd.

      Wynn Resorts, Ltd. develops, owns, and operates destination casino resorts. As of February 15, 2018, the company's Wynn Macau segment had approximately 273,000 square feet of casino space, offering 316 table games and 988 slot machines, private gaming salons, sky casinos, and a poker pit; two luxury hotel towers with a total of 1,008 guest rooms and suites; eight food and beverage outlets; 59,000 square feet of retail space; 31,000 square feet of meeting and convention space; recreation and leisure facilities comprising two health clubs, spas, a salon, and a pool; and a rotunda show, a Chinese zodiac-inspired ceiling. Its Wynn Palace segment had approximately 420,000 square feet of casino space offering 323 table games and 1,115 slot machines, private gaming salons, and sky casinos; a luxury hotel with a total of 1,706 guest rooms, suites, and villas; 11 food and beverage outlets; 106,000 square feet of retail space; 37,000 square feet of meeting and convention space; recreation and leisure facilities, including a gondola ride, health club, spa, salon, and pool; and public attractions, such as a performance lake and floral art displays.

The company's Las Vegas Operations segment had approximately 192,000 square feet of casino space, providing 247 table games and 1,829 slot machines, private gaming salons, a sky casino, a poker room, and a race and sports book; two luxury hotel towers with a total of 4,748 guest rooms, suites, and villas; 33 food and beverage outlets; 110,000 square feet of retail space; 290,000 square feet of meeting and convention space; three nightclubs and a beach club; recreation and leisure facilities, including swimming pools, private cabanas, two full service spas and salons, and a wedding chapel; and Le Rêve–The Dream, a water-based theatrical production and a theater presenting entertainment productions and various headliner entertainment acts. The company was founded in 2002 and is based in Las Vegas, Nevada.

      At the beginning of January 2018, Wynn was a 75-year-old billionaire, chairman of Wynn Resorts, and working on developing a $2.6 billion resort in Massachusetts. By the beginning of February, Wynn was unemployed. Wynn's sexual harassment story is special because he personally was Wynn Resorts and it was him. Once the story of sexual harassment broke, things went downhill real fast.

On January 26, 2018, the Wall Street Journal reported that there were accusations of sexual misconduct against Wynn over many decades. The next day, Wynn resigned as finance chair of the Republican National Committee. On January 30, 2018, The Nevada Gaming Control Board announced an investigation into Wynn's conduct. The regulatory authority can assess fines, revoke licenses, and halt commercial activity. On February 6, 2018, Wynn resigned as chairman and CEO of Wynn Resorts. He maintained he was innocent but said the torrent of negative publicity made it impossible for him to be effective. On February 7, 2018, a shareholder fund filed a lawsuit against the board of directors claiming they knew about sexual misconduct and failed to inform investors. This was quickly followed by three law firms seeking investors in Wynn Resorts for a class action lawsuit against the board for its failure