ESG Controversy Top Movers
June 26th - July 9th
United Airlines CEO apologized for taking a private plane while thousands of passengers were impacted by flight cancellations;
Ant Group was hit by $985 million fine from Chinese regulators;
Elon Musk sues law firm that assisted Twitter’s former board to close the $44 billion sale deal after Musk had attempted to walk away in 2022, and
OpenAI Inc. faces a class action lawsuit for copyright infringement, on behalf of US writers whose copyrighted books were used as training materials for GPT-3.5 and GPT-4.
United Airlines CEO, Scott Kirby, apologized for taking a private plane while thousands of passengers were stranded due to flight cancellations in New York.
Pharmaceutical company Cipla recalled six batches of albuterol, a medication used for asthma treatment, following complaints about inhaler leaks.
Chinese regulators fined fintech giant Ant Group $985 million for violating regulations with its payments and financial services.
Niantic Labs, the augmented-reality games pioneer, lays off 230 employees (25% of its workforce) and shuts down its Los Angeles studio.
Hon Hai Precision Industry Co. Ltd.
Taiwan based technology manufacturer Foxconn was sued by EV startup Lordstown Motors after failing to fulfill an investment promise, which led to the EV maker going bankrupt.
BOE Technology Group Co. Ltd.
Samsung sues Chinese rival BOE Technology over alleged patent violation on iPhone displays.
Regeneron Pharmaceuticals Inc.
The FDA rejected Regeneron Pharmaceuticals' request for a higher-dose version of Eylea, a blockbuster eye treatment.
Wachtell Lipton Rosen & Katz LLP
Elon Musk sues law firm Wachtell Lipton over $90 million Twitter legal fee. The firm assisted Twitter’s former board to close the $44 billion sale deal after Musk had attempted to walk away in 2022.
A former Pfizer employee was arrested for insider trading after allegedly leaking information about clinical trials of COVID-19 treatment.
Law firm filed a class action against OpenAI Inc. for copyright infringement on behalf of US writers who did not consent to the use of their copyrighted books as training material for GPT-3.5 and GPT-4.
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.