Report
Quants Find Risks Signaling ESG & Financial Litigation Risks
Published in 2024-12
In 2022, Responsible Alpha and Deception And Truth Analysis (DATA), a leading technology-based deception revealing company specializing in assessing documentation for deception, leveraged quantitative tools to analyze the accuracy of corporate statements in financial reporting by New Fortress Energy (NFE) demonstrating: • Corporate deception in regulated financial reports. • Greenwashing of ESG commitments. • Accuracy of financial disclosures. By 2024, NFE faced class-action lawsuits alleging securities fraud, linked to inflated revenue projections and inconsistent narratives about the Fast LNG project. These legal challenges have also been coupled with a significant decline in stock price, including a 23.6% drop in August 2024, after adjusted EBIDTA calculations came in $155 million dollars short of their second quarter projections.