According to TMZ, he had planned to attend the show, which was held in Santa Monica, CA., but "obviously hard a change of heart."
Last Sunday, he won the same award at the Golden Globes, where he shared the spotlight with the actor-director he plays, Tommy Wiseau. He also wore a "Time's Up" button, which some regarded as hypocritical.
Franco is the latest actor to be accused of sexual misconduct, allegations he hotly denied in an uncomfortable appearance January 10 on "The Late Show With Stephen Colbert."
Five women have accused Franco of "inappropriate or sexually exploitative behavior," including pressuring them to go topless, according to the L.A. Times.
Four of the women were students of his. He taught at Playhouse West in North Hollywood and then founded Studio 4, which had locations in L.A. and N.Y. before it shut down last fall.
Whether this will affect his chance at an Oscar win (or even a nomination), is being debated by sites like The Wrap. Oscar voting for nominations takes place from January 5 to January 12, according to The Wrap. The Oscar nominations will be announced January 23.