ESG Controversy Top Movers

Week ending March 19th, 2023

From this week's report: SVB Financial Group, Tesla, Amgen and other major companies are hit by lawsuits; China fines Big 4 with hefty amount over audit failure and a famous venture-backed rocket company is scrambling for funds.

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.

SVB Financial Group Co.


A class action lawsuit is being filed against the parent company of Silicon Valley Bank, alleging that the company didn’t disclose the risks that future interest rate increases would have on its business.
Deloitte LLP


China fines Deloitte $30.8 million for failing to correctly audit a Chinese state-owned asset management company.
Anchor Labs Inc.


Crypto Firm Anchorage Digital to lay off 20% of staff, amid US Regulatory uncertainty.
China Huarong Asset Management Co. Ltd.


China Huarong and seven of its investment branches will be fined a total of 800,000 yuan for their internal governance flaws and risk control failures between 2014 and 2019.
Amgen Inc.


Class actions have been commenced on behalf of stockholders of Amgen, one of the world’s largest independent biopharmaceutical companies, over failure to communicate tax liabilities.
Mitsubishi Heavy Industries Ltd.


South Korean forced labourers sue for compensation from Japan’s Mitsubishi Heavy.
Canaccord Genuity LLC


Global Tech Industries Group, Inc. files lawsuit against Canaccord Genuity, LLC over alleged market manipulation.
Tesla Inc.


Tesla is dealing with antitrust class actions alleging that the company distorts competition for maintenance and replacement parts for its electric vehicles
Pfizer Inc.


Pfizer has announced a recall of a popular prescription migraine tablet. Over 4 million packs of Nurtec are included in the recall due to faulty packaging.
Virgin Orbit LLC


Richard Branson's Virgin Orbit is furloughing nearly all its employees and pausing operations for a week as it looks for funding.

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