The story centered around C.K. attempting to stop an older filmmaker (Malkovich) from dating his teenage daughter (Moretz).
The cancellation of "I Love, You Daddy" comes after The Orchard scrapped the project's Thursday premiere hours before The New York Times published their piece with the five women accusing C.K. of being sexually inappropriate with them.
The film was set to open theatrically on Nov. 17 in limited release before going wide.
Leading up to the cancellation, the film's cast began to drop out of promoting the film including Moretz and Day.
"I was as appalled as everyone to read the allegations made in the New York Times, Day said in a statement to The Los Angeles Times.
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"I do not condone sexual misconduct and, in light of the allegations, will not be promoting the movie further."
The sexual misconduct allegations included comedy duo Dana Min Goodman and Julia Wolov stating that C.K. masturbated in front of them after asking for permission with the pair thinking it was joke, comedian Abby Schachner stating she heard the 50-year-old masturbating over the phone and comedian Rebecca Corry saying C.K. asked her if he could masturbate in front of her while they worked on a television pilot in 2005.
A fifth accuser, who spoke on the condition of anonymity, said she was asked by C.K. to watch him masturbate while they worked on "The Chris Rock Show" in the late 1990s.
She said she agreed to it, but knew it was wrong stating, "He abused his power."
HBO in a statement noted that they will no longer be working with C.K.
"Louis C.K. will no longer be participating in the Night of Too Many Stars America Unites for Autism Programs, which will be presented live on HBO on November 18," HBO said.
"In addition, HBO is removing Louis C.K.'s past project from its On Demand services."
FX which produces C.K.'s acclaimed series "Louie" among others, also released a statement saying they are reviewing the manner.
"We are obviously very troubled by the allegations about Louis C.K. published in The New York Times today. The network has received no allegations of misconduct by Louis C.K. related to any of our 5 shows produced tougher over the past 8 years. FX Networks and FCP 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," they said.
Netflix on Friday announced that they were canceling C.K.'s upcoming stand up special, the second half of a two part deal that included a special that debuted in April.
"The allegations made by several women in The New York Times about Louis C.K.'s behavior are disturbing," a Netflix spokesperson said in a statement.
"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."
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