ESG Controversy Top Movers

Week ending April 16th, 2023

In this week’s Controversy report: rough times for media groups Axel Springer, CBS, and Fox, facing public backlash and legal issues; a Russian-controlled bank operating in Eastern Europe has been hit with US sanctions; French demonstrators eye luxury giant LVMH and Cutera, a leading manufacturer of beauty and medical devices, fires its executive team.

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
International Investment Bank

sanctions-target

The US imposed sanctions on the International Investment Bank, a Russian-controlled bank with operations in Eastern Europe.
LVMH Moet Hennessy Louis Vuitton SE

protest-protestee

Demonstrators protesting against the French government plans to raise the retirement age stormed into the headquarters of luxury giant LVMH, which owns brands such as Louis Vuitton and Moët, as the shares of the company jumped to a record high.
David's Bridal Inc.

layoffs

Retailer David's Bridal is eliminating 9,236 positions across the United States.
Plug Power Inc.

fraud-defendant

A law firm has filed a securities fraud class action lawsuit against Plug Power, a hydrogen-based energy company.
Axel Springer SE

apology

The chief executive and co-owner of media company Axel Springer apologized for making crude remarks about “East Germans” in text messages that were leaked to the press.
Tyson Foods Inc.

strike

Tyson Foods workers went on strike at an Arkansas chicken plant that is set to close.
CBS Studios Inc.

legal-issues-defendant

Comedian Mo'nique sues CBS over unpaid royalties from her sitcom "The Parkers".
Fox News Network LLC

defamation-fine-target

Judge sanctions Fox for withholding evidence in the $1.6 billion defamation case filled by the ballot machine-company Dominion.
Cutera Inc.

executive-firing

Skin-care and body-sculpting equipment maker Cutera Inc has terminated CEO David Mowry and Executive Chairman Daniel Plants following recommendations from a special committee.
OncoCyte Corp.

layoffs

Oncocyte Corporation, a precision diagnostics company, announced a reduction of approximately 20% of its workforce.

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