A spokesperson for the streaming service shared a statement with TMZ about the decision.
"The allegations made by several women in the New York Times about Louis C.K.'s behavior are disturbing. Louis's unprofessional and inappropriate behavior with female colleagues has led us to decide not to produce a second stand-up special, as had been planned," the statement read.
Netflix's decision came only hours after the 50-year-old's film distributor canceled the release of his movie, I Love You, Daddy. The movie was set to come out next week.
In addition to Netflix, FX has said it will "review" the allegations. C.K. has a long-standing relationship with the network, which aired his Emmy-winning sitcom Louie as well as the Pamela Adlon-starring and C.K.-produced Better Things.
"We are obviously very troubled by the allegations about Louis C.K. published in The New York Times today," FX said in a statement. "The network has received no allegations of misconduct by Louis C.K. related to any of our 5 shows produced together over the past 8 years. FX Networks and FXP take all necessary actions to protect our employees and thoroughly investigate any allegations of misconduct within our workplace. That said, the matter is currently under review."
On Thursday, 5 women came forward in an article published by the New York Times saying that C.K. was guilty of sexual misconduct. Three women say that he masturbated in front of them while a fourth woman claimed she rejected C.K.'s request to masturbate in front of her. A fifth woman said she knew C.K. masturbated in his office chair while working on The Chris Rock Show in the '90s. The alleged incidents happened in 2002, 2003 and 2005.