This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
bluebird bio is a biotechnology company that develops gene therapies for severe genetic diseases. This research and development process involves animal testing as a standard component of preclinical studies to evaluate the safety and efficacy of its potential treatments. In 2016, a contract research organization working for bluebird bio was implicated in a significant animal welfare case. The animal research facility, which was conducting studies on behalf of bluebird bio and other clients, agreed to pay an unprecedented $3.5 million penalty to settle allegations of animal welfare violations. This settlement, documented by Cruelty Free Investors, represents one of the largest penalties ever levied for such violations and indicates serious failures in the care and treatment of animals used in the company's research pipeline.
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The Naughty List
A digest of changes to our exclusion list — new additions, removals, and the evidence behind them. We review the list continuously as new evidence surfaces.
Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
Ethical Capital LLC is a state-registered investment adviser in Utah (CRD #316032). Registration does not imply a certain level of skill or training.