Following Will Smith smacking Chris Rock in the face following a joke the comedian made about Jada Pinkett Smith‘s hair, The Academy Of Motion Pictures Arts & Sciences is finally reacting with more than just a statement condemning violence.

They released the following on Monday afternoon:

“The Academy condemns the actions of Mr. Smith at last night’s show. We have officially started a formal review around the incident and will explore further action and consequences in accordance with our Bylaws, Standards of Conduct and California law.”

It is important to note the LAPD confirmed Chris denied to press charges against the King Richard star.

Related: Will Smith Says He CHOSE ‘Chaos’ In Shocking Video Posted Pre-Oscars Slap!

Per Variety, Will may face a disciplinary action or sanction, but it’s unlikely he will have to forfeit his Best Actor in a Leading Role trophy.

Earlier today, a source for The Sun shared that those in charge at the Oscars went into full crisis mode. According to reports, some academy members allegedly said Smith should be stripped of his award… though now that we know more, it likely won’t happen. At the time, the Academy insider shared:

“There have been calls to have Will stripped of his Best Actor gong. They cannot be seen to be condoning violence in any way and there are some people in the Academy who believe they should remove the award from him to make a point. Others however believe he should be allowed to hold onto it.”

Thoughts on this, Perezcious readers?! Too little, too late? Or appropriate reaction after taking time to process? SOUND OFF in the comments.

[Image via ABC]