Barstool Sports founder Dave Portnoy held an "emergency" press conference to rebut the sexual misconduct allegations that were raised last week.
What Happened: Penn National Gaming Inc PENN traded lower by more than 20% last Thursday after the company announced weak third-quarter financial results and Business Insider published an article alleging sexual misconduct by Portnoy.
Multiple women reportedly engaged in consensual sex with Portnoy that "turned into frightening and humiliating experiences that have taken a toll on their mental health," according to the article.
Portnoy adamantly denied the allegations and has spent the last week digging up information on Business Insider CEO Henry Blodget, who was formerly a Wall Street analyst before being banned from the industry following a fraud settlement with the SEC.
Why It Matters: "This is a trick that Business insider has done with this article: they will not accuse me of anything because if they accuse me in a criminal sense, there's going to be an investigation and they're gonna be like 'you guys are full of sh*t,'" Portnoy said Thursday in a live video, which had more than 70,000 viewers.
The Barstool Sports founder highlighted several parts of the article that alleged misconduct and provided evidence that seemed to discredit multiple claims in the article.
Evidence provided by Portnoy included photos of police reports, which he noted were not included in the article, as well as screenshots of text messages between himself and the women who were featured in the article.
"There can't be more concrete evidence about the he said she said," Portnoy emphasized while streaming an image of a Nantucket police report.
"The way they describe it is a crime, but they won't call it a crime," he said. "Anybody who sides with her version of the events which make absolutely no sense and contradict virtually every piece of evidence ... you know, I could tell you that it's going to get dark tonight and you're like 'no he's lying.'"
PENN Price Action: Penn National Gaming was volatile during the press conference. The stock was up 4.67% at $58.88 at time of publication.
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