ESG Controversy Top Movers

Week ending August 13th, 2023

In this week's report:

  • Workers at Chevron and Woodside Energy Group facilities in Australia voted to strike;
  • HSBC executive apologized after calling the UK government ‘weak’ for following US lead over business with China;
  • Home Depot is facing discrimination allegations from the US actor and singer Tyrese Gibson, and
  • Staff reductions at Mobile Premier League, Emergent BioSolutions, Cano Health and Rapid7.
Company
Category
Momentum
Event
Sensio Inc.

product-recall

Home appliances maker Sensio is recalling 860,000 pressure cookers because of a burn hazard.
HD The Home Depot Inc.

racial-discrimination-defendant

The US actor and singer Tyrese Gibson is suing Home Depot, alleging discrimination.
Galactus Funware Technology Pvt Ltd.

layoffs

Invoking 'high taxes', Unicorn gaming company Mobile Premier League (MPL) has laid off 350 employees.
HSBA HSBC Holdings PLC

apology

An executive at HSBC has apologized after calling the UK ‘weak’ for following US lead over doing business with China.
PRTYQ Party City Holdco Inc.

legal-issues-defendant

Retail chain Party City is facing a shareholder class action lawsuit over allegations of misrepresenting its capital resources and liquidity.
EBS Emergent Biosolutions Inc.

layoffs

Pharma company Emergent BioSolutions disclosed plans to lay off approximately 400 employees as part of a larger initiative to cut costs.
CANO Cano Health Inc.

layoffs

Cano Health, a primary care provider, plans to lay off about 700 employees, or 17% of its workforce, while looking for a buyer.
RPD Rapid7 Inc.

layoffs

Cybersecurity firm Rapid7 is laying off around 470 employees, or 18% of its workforce.
WDS Woodside Energy Group Ltd., CVX Chevron Corp.

strike

Workers at Chevron and Woodside Energy Group facilities in Australia have voted to strike, raising concerns over gas supplies.
Wedbush Securities Inc.

sanctions-target

Wealth management firm Wedbush Securities has been fined $6 million for violating CFTC rules related to recordkeeping and supervision, along with an additional penalty of $10 million imposed by the SEC.

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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