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On November 4, 2021, an article published by Business Insider reported allegations of extensive sexual misconduct against David Portnoy, the founder of Penn National’s partially owned affiliate Barstool Sports. That same day, Penn National disclosed disappointing financial results for the third quarter of 2021. Following the article and the 3Q21 results, Penn National’s stock price fell over 20%, and J.P. Morgan published a note revising its year-end 2022 target price for PENN stocks and expressing concern about “potential fallout” from similar articles.