Corporate controversies are publicly observable events that are expected to have negative implications for a company, as they jeopardize its reputation, undermine stakeholders’ trust, and can seriously impact its environmental, social, and governance (ESG) sustainability. Focusing on these negative, often unexpected news events plays a crucial role in analyzing the evolution of ESG scores. When public controversies arise—such as pollution scandals, human rights violations, or a lack of transparency in governance—ESG scores may be adjusted rapidly, reflecting a new, more realistic and critical understanding of the risks associated with the company. The findings highlight that corporate controversies influence not only the assessment of reputation and long-term risks but also the investment decisions and social responsibility strategies adopted by market participants. The analysis of controversies becomes a valuable tool for stakeholders to understand the dynamics of perception and to anticipate their impact on a company’s value and sustainability.