Guess Shares Drop after Kate Upton Accuses Founder of Sexual Harassment

Shares of Guess? Inc. were dropping on Thursday after famous model Kate Upton has accused the company’s co-founder Paul Marciano of sexual harassment.

As part of the #MeToo movement, Upton took to her social media on Wednesday to say that Marciano “shouldn’t be allowed to use his power in the industry to sexually and emotionally harass women.”

It was in 2015 that Marciano stepped down from hsi position as CEO but has still remained as chairman and chief creative officer.

“I’m disappointed that such an iconic women’s brand @Guess is still empowering Paul Marciano as their creative director,” Upton tweeted.

Shares dropped as much as 12% after Upton’s remarks and it was the worst drop the stock has seen in two months.

Upton told TMZ as she walked through LAX airport, “I’m excited to tell my whole story.”

Disclaimer: We have no position in Guess?, Inc. (NYSE: GES) and have not been compensated for this article.