Guess shares slump after model Kate Upton tweets about executive

Guess Inc shares fell more than 17% on Thursday following a tweet by model and actress Kate Upton accusing the company’s co-founder of using his power to harass women. “He shouldn’t be allowed to use his power in the industry to sexually and emotionally harass women #metoo”, Upton tweeted, without elaborating. “Mr. Marciano denies any misconduct toward Ms. Upton,” Guess said in a filing with the U.S. Securities and Exchange Commission on Thursday. Guess also said it had investigated claims that Marciano behaved inappropriately towards two women in November 2017, after an entertainment website contacted them. Marciano separately responded to Upton’s allegations through celebrity news website TMZ, saying he never touched Upton, and has never been alone with her. He said he would not apologize as he had done nothing wrong, TMZ reported. Guess shares ended down 17.7% at $15.11 on Thursday, wiping more than $250 million off the company’s market value.