ESG Controversy Top Movers
Week ending August 20th, 2023
In this week's report:
Hawaiian Electric Company is being sued for failing to deenergize power lines despite wildfires;
Reddit gets fined by Russia over content related to the war in Ukraine;
UBS settles to pay over $1.4 billion over 2008 financial crisis fraud claims, and
Layoffs at the US refiner Phillips 66 and crypto media business CoinDesk.
Hawaiian Electric Industries Inc.
After the deadly Lahaina wildfire in Maui, Hawaiian Electric Company is facing a lawsuit for not deenergizing power lines despite wildfire risks.
Social media site Reddit was fined by Russia for not deleting "banned content" that allegedly contained "fake" information about the war in Ukraine.
Dell Technologies Inc.
Australian court fines Dell Technologies $6.5 million for misleading customers on monitors discounts.
Bank of Ireland Group PLC
Bank of Ireland has apologized over a technical fault that led to some of its customers transferring more money than was in their accounts.
American Airlines is suing travel website Skiplagged that sells tickets allowing people to save money by exploiting an airline pricing loophole.
Swiss bank UBS to pay over $1.4 billion in penalties to settle 2008 financial crisis fraud claims with the US Department of Justice.
Online food delivery service DoorDash has received a $2 million fine from Australian watchdog for breaching spam rules.
US refiner Phillips 66 will lay off 175 full-time employees and 100 contractors as part of a broader business transformation.
Western Digital Corp.
Western Digital sued over alleged sale of faulty SanDisk SSD storage drives.
CoinDesk, a crypto media business owned by Digital Currency Group, is reducing its workforce ahead of a potential sale.
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.