ESG Controversy Top Movers
Week ending May 7th, 2023
In this week's report:
- Volvo, Morgan Stanley, Cognizant among the companies which announced significant layoffs;
- Legal and compliance issues for Adidas, McDonalds and Telephone & Data Systems;
- Biotech firm Ascendis Pharma fails to get FDA approval for experimental hormone disorder therapy, and
- Shell Plc's chemical plant in Deer Park, Texas has been affected by a major fire.
Volvo Cars will lay off around 1300 office-based employees in Sweden, as it steps up cost cutting measures.
Adidas shareholders sue over the Ye fallout, claiming the company withheld information about issues with the artist formerly known as Kanye West.
McDonald’s franchises fined $212,000 for child labor violations.
Telephone & Data Systems Inc.
A class action lawsuit has been filed against Telephone & Data Systems Inc., for allegedly misleading investors about its business performance.
Morgan Stanley is planning to eliminate about 3,000 jobs in the second quarter. It is its second round of job cuts in six months.
Ascendis Pharma A/S
The U.S. Food & Drug Administration has declined to approve Ascendis' experimental hormone disorder therapy.
British software company WANdisco is reorganising its business, which will lead to a roughly 30% reduction in its overall workforce.
A massive 3-day fire broke out at Shell Plc's chemical plant in Deer Park, Texas.
Cognizant Technology Solutions Corp.
Technology services and consulting company Cognizant has announced plans to lay off 3,500 employees. The company is also undergoing a CEO transition.
American Airlines Group Inc.
American Airlines pilots vote to authorize strike amid contract negotiations.
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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.