ESG Controversy Top Movers
Week ending June 4th, 2023
In this week's report:
- Amazon settles privacy violation allegations for over $30M;
- Sean 'Diddy' Combs sues spirits giant Diageo, accusing them of racism;
- Consumer lawsuit alleges Delta Air Lines made false carbon-neutral claims, and
- Crypto players Nansen and Binance announce significant layoffs.
Amazon will pay over $30 million to settle privacy violation allegations regarding Alexa and Ring devices.
Rapper Sean ‘Diddy’ Combs has sued the spirits giant Diageo, alleging racism and intentional sabotage of their joint-venture spirits brand.
Delta Air Lines faces a consumer lawsuit alleging false carbon-neutral claims due to invalid carbon offsets.
Rolls-Royce Holdings PLC; BAE Systems PLC
India files a graft case against BAE Systems and Rolls-Royce for "criminal conspiracy" in jet trainer procurement.
Blockchain analytics provider Nansen lays off 30% of staff due to cryptocurrency market conditions and aggressive expansion.
Manufacturer of pop culture collectibles Funko faces a class action lawsuit for alleged false and misleading statements.
Binance, the world's largest cryptocurrency exchange, is reportedly looking to reduce its workforce by 20%.
Meta, the parent company of Facebook and Instagram, will block news content for up to 5% of Canadian users in response to the Online News Act. The Act would require Meta to pay Canadian media companies for using their content online.
British Airways was fined almost £1 million by the US government over Covid refunds.
US Government pressures ARC Automotive to recall 67M potentially dangerous air bag inflators, threatening with fines if the company does not comply.
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.