ESG Controversy Top Movers

Week ending June 18th, 2023

In this week's report:

  • Twitter hit with a $250 million copyright infringement lawsuit;
  • Spotify fined $5 million for breaching EU data rules;
  • Grubhub, TrueCar, Cronos among companies planning layoffs, and
  • Ryanair fires chief pilot over inappropriate conduct claims.
Company
Category
Momentum
Event
Twitter Inc.

copyright-infringement-defendant

Music publishers Sony Music, UMG and more hit Twitter with a $250 million copyright infringement lawsuit.
Spotify Technology S.A.

sanctions-target

Music streaming giant Spotify was fined $5 million for breaching EU data rules.
BCE Inc.

layoffs

Canada's largest communications company, BCE Inc, will cut 1,300 jobs and close news bureaus and radio stations in a cost-cutting restructuring.
Grubhub Inc.

layoffs

Food ordering firm Grubhub plans to lay off nearly 400 employees, a 15% reduction in staff.
Futu Holdings Ltd.

legal-issues-defendant

Tencent-backed Futu Holdings Limited, a digitized brokerage company, is targeted by a federal securities class action lawsuit.
TrueCar Inc.

layoffs

TrueCar, an automotive digital marketplace, will lay off nearly 24% of its workforce, accounting for around 100 employees.
Sonos Inc.

layoffs

Audio-tech company Sonos plans to reduce its workforce by approximately 130 employees or 7% of its total staff.
Chegg Inc.

layoffs

Chegg, an online learning platform, announced a reduction of its workforce by approximately 4%, following the CEO's acknowledgment that ChatGPT has significantly impacted their business.
Ryanair Holdings PLC

executive-firing

Ryanair fires chief pilot over sexual misconduct claims.
BeiGene Ltd.

patent-infringement-defendant

AbbVie's Pharmacyclics sues BeiGene for patent infringement over Brukinsa, a treatment for leukemia.

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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