ESG Controversy Top Movers

Week ending April 23rd, 2023

In this week's report: data storage company Seagate agrees to pay a $300 million penalty for violating US export control laws; another crypto asset trading company is charged by the U.S Securities and Exchange Commission and companies such as Deloitte, Whole Foods or EY are letting go thousands of employees as the layoffs wave continues.

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
Seagate Technology Holdings PLC

sanctions-target

American data storage company Seagate to pay $300 million penalty for shipping Huawei 7 million hard drives, in violation of U.S. export control laws.
Bittrex Inc.

legal-issues-defendant

The US SEC charged crypto asset trading platform Bittrex and its co-founder William Shihara with operating an unregistered securities exchange.
Spirit AeroSystems Holdings Inc.

layoffs

Spirit AeroSystems, one of the world's largest manufacturers of aerostructures for commercial airplanes, will furlough about 900 hourly employees who work on the Boeing 737 program.
Deloitte LLP (New York)

layoffs

Deloitte will cut around 1,200 jobs or 1.5% of its US workforce.
Air Europa Lineas Aereas SAU

strike

Sepla (the Spanish Airline Pilots' Union) has called a four-day pilot strike at Air Europa for early May.
Whole Foods Market Inc.

layoffs

Amazon-owned Whole Foods says it is cutting several hundred jobs as part of a process to simplify the grocery chain's operations.
Ernst & Young LLP (EY)

layoffs

Ernst & Young to slash 3000 jobs in the US, around 5% of its workforce.
My Pillow Inc. (Minnesota)

sanctions-target

MyPillow founder Mike Lindell is ordered to pay $5M in election fraud challenge.
BuzzFeed Inc.

layoffs

Internet media, news and entertainment company Buzzfeed said that it will cut 12% of its workforce.
F5 Inc.

layoffs

Cloud and security services firm F5 Inc said on Wednesday it was reducing its workforce by 9% .

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