ESG Controversy Top Movers

Week ending March 12th, 2023

In this week’s report: another crypto platform under legal scrutiny in the US; several companies are facing class action suits for allegedly misleading investors; CEO of major transportation company apologizes before Congress and layoffs continue to impact tech and media sectors.

It's often difficult to follow all the news to build a complete picture about a company, particularly when events are less reported. Yet published research has identified how selecting stocks and bonds with low controversy profile captures more alpha and lowers risk.

Leveraging local and global newswire coverage, the RavenPack controversy framework allows investors to identify companies involved in controversial events. Each week we publish a selection of controversy identified on a different universe.

Is a bank collapse controversial? Looking at headlines, some of our readers may wonder why the collapse of SVB isn't in this week's report. We certainly detected over 14,000 events related to the bank last week, but in itself, the run on the bank is not a controversy -- only an economic event. As a result, it won't be included in this week's ranking.

Company
Category
Momentum
Event
Mek Global Ltd.

legal-issues-defendant

New York attorney general sues crypto exchange Kucoin for “falsely representing itself as an exchange.”
Atlassian Corp. Ltd.

layoffs

Australian-based software firm Atlassian has announced it will cut one in 20 jobs.
Xero Ltd.

layoffs

Cloud accounting platform Xero will cut up to 800 jobs, 15% of its workforce.
Norfolk Southern Corp.

apology

Norfolk Southern's CEO apologized before Congress for the disastrous train derailment at the Ohio-Pennsylvania border, pledged millions of dollars to the local community.
Vertex Energy Inc.

legal-issues-defendant

A class action lawsuit has been filed against Vertex Energy in an attempt to recover damages after alleged violations of the federal securities laws.
Sirius XM Holdings Inc.

layoffs

Satellite radio giant SiriusXM is laying off 475 people, or about 8% of its workforce.
Fidelity National Information Services Inc.

legal-issues-defendant

A class action lawsuit has been filed against Fidelity National for alleged false or misleading statements around the integration of the company’s new acquisition, Worldpay.
Nutanix Inc.

legal-issues-defendant

A stockholder rights law firm is investigating potential claims against cloud computing company Nutanix over concerns that the company has violated federal securities laws or engaged in other unlawful business practices.
Match Group Inc.

legal-issues-defendant

A class action lawsuit has been filed against Match Group, parent company of Tinder. The company is accused that it misled investors on critical product initiatives that would drive growth in 2022 and beyond.
Grayscale Investments LLC

legal-issues-defendant

FTX Debtors File Lawsuit Against Grayscale Investments and its CEO and Owners, seeking injunctive relief to unlock $9 billion or more in value for shareholders.

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