ESG Controversy Top Movers

Week ending May 14th, 2023

In this week's report:

  • Major product recall from Peloton impacts over 2 million U.S. customers;
  • Novavax, LinkedIn and Paramount announced layoffs;
  • Goldman Sachs, HSBC and Bank of Nova Scotia to pay hefty settlements or fines, and
  • Autonomy founder Lynch extradited to the US on fraud charges.
Company
Category
Momentum
Event
Peloton Interactive Inc.

product-recall

Peloton recalls over 2 million exercise bikes in the U.S. due to seat post assembly issues, posing fall and injury risks.
Reach PLC

apology

Reach PLC, publisher of British tabloid Daily Mirror, apologizes to Prince Harry for unlawful information seeking, as a phone-hacking lawsuit begins.
Novavax Inc.

layoffs

Novavax Inc., a Covid-19 vaccine maker, announced a restructuring plan that includes cutting about 25% of its global workforce.
LinkedIn Corp.

layoffs

Microsoft-owned professional networking service LinkedIn cuts more than 700 jobs and closes its China app.
ENI S.p.A.

legal-issues-defendant

Greenpeace is suing Italian energy company ENI, accusing it of knowingly contributing to climate change.
Goldman Sachs Group Inc.

discrimination-fine-target

Goldman Sachs will pay $215m to settle claims that it discriminated against women, offering them lower pay and fewer opportunities.
Paramount Pictures Corp.

layoffs

Paramount Global consolidates 2 studios and 9 cable networks, resulting in a 25% reduction of its TV networks staff.
HSBC Holdings PLC

sanctions-target

HSBC to pay $75 million to settle U.S. Commodity Futures Trading Commission charges for manipulative trading and record-keeping failures.
Bank of Nova Scotia Co.

sanctions-target

Two U.S. agencies have imposed a $22.5 million fine on Bank of Nova Scotia, after employees used unauthorized communication methods like text messages and WhatsApp.
Autonomy Corp. Ltd.

executive-scandal

UK software firm Autonomy co-founder Mike Lynch has been extradited to the US to face 17 criminal charges related to Hewlett Packard's $11 billion acquisition of Autonomy.

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.

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