Published: 2017-10-12 11:34:05 BdST
"The Academy finds the conduct described in the allegations against Harvey Weinstein to be repugnant, abhorrent, and antithetical to the high standards of the Academy and the creative community it represents," the Academy said in a statement.
"The Board of Governors will be holding a special meeting on Saturday, October 14, to discuss the allegations against Weinstein and any actions warranted by the Academy."
Weinstein's spokeswoman Sallie Hofmeister did not immediately return a request for comment on the Academy's statement.
The statement follows allegations that Weinstein sexually harassed or assaulted a number of women over the past three decades.
Weinstein has denied having non-consensual sex with anyone.
Earlier on Wednesday, Weinstein was suspended from the British film academy BAFTA.
"In light of recent very serious allegations, BAFTA has informed Harvey Weinstein that his membership has been suspended, effective immediately," the academy said in a statement.
"We hope this announcement sends a clear message that such behaviour has absolutely no place in our industry."
Weinstein was one of BAFTA's New York trustees and regularly threw a lavish party ahead of its annual prize ceremony. His films have been nominated for the academy's prestigious award four times.
One of the most powerful men in Hollywood, Weinstein produced and distributed Oscar-winning movies like "Shakespeare in Love" and "Chicago."