Guess. forms committee to probe sexual harassment allegations against founder Marciano

02/09/18 03:02 PM EST

Shares of women's clothing brand Guess Inc. (GES) were lower Friday, after the company said it would form a special committee to investigate allegations of sexual harassment by co-founder Paul Marciano. "The company is committed to completing an extensive and impartial investigation into all of the facts," Guess said in a statement. Marciano has denied the allegations, which were made earlier this week by model Kate Upton, who has worked for the brand for several years. Shares fell 18% the day the allegations were first raised by Upton in a tweet. Guess shares have gained 16% in the last 12 months, while the S&P 500 has gained 12%.

-Ciara Linnane; 415-439-6400; AskNewswires@dowjones.com

 

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02-09-18 1502ET

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