ESG Controversy Top Movers

Week ending April 2nd, 2023

In this week's report: journalist from key US publication faces espionage charges in Russia; UK regulators impose record fine on gambling company; OpenAI suffers data breach, and is banned by an EU country and legal issues for top crypto exchange company.

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.

Company
Category
Momentum
Event
Lucid Group Inc.

layoffs

Electric-vehicle maker Lucid Group Inc is planning to lay off about 18% of its workforce, or around 1300 employees.
Dow Jones & Co. Inc.

corporate-espionage-defendant

Wall Street Journal reporter Evan Gershkovich was arrested in Russia on charges of espionage. WSJ is published by Dow Jones & Company, a division of News Corp.
Warner Music Group Corp.

layoffs

Warner Music Group is reducing its global workforce by around 270 roles, or 4% of its total workforce.
William Hill Ltd.

sanctions-target

British gambling company William Hill has been hit by a record £19.2m fine by the UK gambling regulator for anti-money laundering failures.
Virgin Orbit LLC

layoffs

Richard Branson's Virgin Orbit, will cut 675 jobs, about 85% of its workforce.
Binance Holdings Ltd.

legal-issues-defendant

CFTC Charges Binance and Its Founder, Changpeng Zhao, with willful evasion of Federal Law and operating an illegal digital asset derivatives exchange.
FTX Trading Ltd.

corruption-defendant

U.S. charges FTX's Bankman-Fried with paying a $40 million bribe to Chinese officials so they would unfreeze his hedge fund's accounts
OpenAI Inc.

data-breach

OpenAI suffered a data breach exposing senstitive ChatGPT user data, also prompting Italian data privacy watchdogs to ban the service.
Marvel Entertainment LLC

executive-firing

Disney Lays Off Ike Perlmutter, Chairman of Marvel Entertainment.
Norfolk Southern Corp.

environmental-noncompliance

The US Justice Department filed a civil lawsuit against Norfolk Southern following the environmental disaster in East Palestine, Ohio, in February.

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