Will Smith's Oscar for Best Actor in a Motion Picture could be jeopardized after he punched comedian Chris Rock in the face during the ceremony.
The actor has already apologized for his conduct, acknowledging that his actions were "inappropriate and unforgivable" and that he felt "embarrassed" as a result of them.
The Academy, on the other hand, would punish Smith for his outburst.
The 9,900-member Academy of Motion Picture Arts and Sciences issued a statement on Monday saying it "condemns Mr. Smith's actions at last night's show."
In compliance with our bylaws, standards of conduct, and California law, we have formally begun a formal review of the incident and will consider further action and repercussions, the academy noted.
According to the group's code of conduct, it is "categorically opposed to any form of abuse, harassment, or discrimination" and requires members to preserve the ideals of "respect for human dignity, inclusion, and a friendly environment that nurtures creativity."
According to the policy, violations may result in suspension or expulsion from the group, revocation of the Oscars, or loss of eligibility for future awards.
"I call on the Academy, of which I am a member, to take disciplinary action against Will Smith," Marshall Herskovitz, president emeritus of the Producers Guild of America, also tweeted. Tonight, he brought our entire community into disrepute. "