ESG Controversy Top Movers
Week ending June 11th, 2023
In this week's report:
- GameStop, CNN each ousted their CEO;
- Autoliv, Standard Chartered, HashiCorp and Reddit, among the companies which announced layoffs last week, and
- Another round of legal issues for crypto companies Binance and Coinbase.
Autoliv, maker of automotive safety systems, will cut its workforce by up to 11% and close European sites.
GameStop fired CEO Matt Furlong, who led their NFT initiative. Ryan Cohen, billionaire investor known for the notorious GameStop short squeeze in 2021, was promoted to executive chairman.
Online discussion platform Reddit is laying off about 5% of its workforce, or 90 employees, as it restructures key parts of its business
BAM Trading Services Inc.
Cryptocurrency law firm Silver Miller filed a class action lawsuit against Binance and Binance.US, alleging their involvement in converting stolen cryptocurrency.
SEC charged Coinbase with unregistered operations as a securities exchange, broker, and clearing agency.
CNN ousted CEO Chris Licht, following a decline in ratings and a series of missteps.
Tingo Group, a global Agri-Fintech company, has been sued by securities litigation firm Block & Leviton LLP for violations of the securities law.
Standard Chartered is laying off staff in its Singapore, London, and Hong Kong hubs as part of a cost-cutting initiative aiming to reduce expenses by over $1 billion by 2024.
Ashley Furniture Industries Inc.
Ashley Furniture is recalling 253,000 power sofas and recliners, due to a fire hazard.
Multi-cloud infrastructure automation software developer HashiCorp is laying off 8% of its workforce.
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.