[Update: Cosby was arraigned this afternoon and led on a perp walk. Bail was set at $1 million.]

An arrest warrant has been issued for Bill Cosby in regards to the alleged 2004 sexual assault of Andrea Constand. Prosecutors in Montgomery County, Pennsylvania are holding a press conference today at 10 a.m. to discuss the results of their investigation. [Updates from the press conference below.]

Constand, a basketball manager at Temple University, where Cosby has had a long history, sued Cosby for allegedly drugging and raping her in his Elkins Park, Pennsylvania mansion. He had long maintained that his relationship with Constand was consensual, but a deposition released earlier this year revealed that Cosby admitted to procuring Qualuudes to give to young women. He also claimed he was a "pretty decent reader of people" in romantic situations.

Dozens of women have now accused the comedy legend of raping them throughout the decades.

Philly.com reports:

Constand, now a 42-year-old massage therapist living in Toronto, first lodged her accusations against Cosby in 2005, when she told Cheltenham police that he drugged and assaulted her a year earlier while she was working as the operations manager for Temple University's women's basketball team.

Montgomery County authorities investigated her claims at the time but eventually decided not to pursue a case, citing a lack of evidence.

District Attorney Risa Vetri Ferman reopened the investigation this summer in light of accounts from more than 50 women who have since come forward describing encounters with Cosby dating back decades similar the one outlined by Constand.

Cosby reached a settlement with Constand, after the fourth day of his deposition and after over a dozen women backed up Constand's claims that he was a predator.

His lawyers explained, "The only reason Mr. Cosby settled was because it would have been embarrassing in those days to put all those women on the stand, and his family had no clue. That would have been very hurtful."

UPDATE: Prosecutors announced this morning that Cosby will be charged with aggravated indecent assault, a first degree felony. His attorneys have been informed, and he will be arraigned later this afternoon at 4 p.m.

Prosecutors noted that the 12 year statute of limitations has not expired. "Reopening the case was not a question, reopening this case was our duty as law enforcement officers," said Montgomery County assistant DA Kevin Steele.

Steel elaborated that the aggravated incident assault charge is brought when "a person commits some type of vaginal penetration, and the person does so without consent," in many cases because "the person was unconscious or unaware" or "substantially impaired."

Here is the official announcement from the DA:

Cosby Charged

Constand was not available for comment, but one of her attorneys told People, "Obviously we appreciate the expression of confidence in her. We'll have to see what happens. We hope justice will be done. We will cooperate fully."