ESG Controversy Top Movers

Week ending April 9th, 2023

In this week's report: Credit Suisse Chairman apologizes to angry shareholders; Open AI could potentially deal with the first defamation lawsuit over ChatGPT content; Tesla, Ernst & Young, and TiKTok are hit by fines, while BlackRock's offices in Paris are stormed by protestors.

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
Credit Suisse Group AG

apology

Credit Suisse Chairman Axel Lehmann issued an apology for taking the bank to the brink of bankruptcy at the final shareholders' meeting.
OpenAI Inc.

defamation-defendant

A regional Australian mayor is considering suing OpenAI for defamation, after ChatGPT's false claims that he had served time in prison for bribery.
Tesla Inc.

discrimination-fine-target

Electric carmaker Tesla has been ordered to pay almost $3.2m to a black former worker after he won a racial harassment lawsuit.
Sweetgreen Inc.

copyright-infringement-defendant

Chipotle sues Sweetgreen for trademark infringement over 'chipotle chicken' bowl.
Activision Blizzard Inc.

antitrust-suit-defendant

The U.S. Justice Department agreed to a settlement with Activision Blizzard, one of the world’s largest video game developers and publishers, to resolve a lawsuit over salary limits in professional esports leagues.
Ernst & Young LLP

sanctions-target

The German arm of Ernst & Young has been fined 500,000 euros over audits of failed payments firm Wirecard.
McDonald's Corp.

layoffs

Hundreds to be laid off from McDonald's as the company restructures.
Kakao Games Corp.

copyright-infringement-defendant

NCSoft filed a suit against Kakao Games and subsidiary XL Games for alleged copyright infringement of its Lineage 2M online game.
TikTok Inc.

data-protection-infringement-fine-target

TikTok has been fined £12.7m by the UK's data watchdog for failing to protect the privacy of children.
Blackrock Inc.

protest-protestee

Protestors storm BlackRock's office in Paris, due to the company's role in managing and privatizing pensions, which are at the heart of the French government's recent reforms.

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