Penn National Falls After Insider Report on Dave Portnoy
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Penn National Gaming Inc. fell to its lowest level in a year after a Insider report citing several women it didn’t name alleging sexual misconduct by Dave Portnoy, the founder of Barstool Sports. Penn bought a 36% stake in Portnoy’s Barstool Sports in January 2020.
Shares of Penn, which has an agreement to buy the rest of Barstool, tumbled 21% closing at $57.40 on Thursday, wiping out some $2.5 billion in market value. The stock had already tumbled earlier in the session after the company missed on some profit measures on its quarterly report.