Point72 purchases 11.2 million shares of BlackBerry

by

According to a regulatory filing, Point72 Asset Management, the hedge-fund firm founded by billionaire Steven A. Cohen, has purchased 11.2 million shares of BlackBerry.

Point72, formerly SAC Capital Advisors LP, has changed drastically amid a federal investigation into insider trading at the firm.

Eight current or former SAC employees were convicted of or pleaded guilty in the biggest Wall Street insider-trading investigation in history. Many of the firm’s other managers have left. The firm, once one of the nation’s top-performing hedge-fund managers, paid a fine of nearly $1.2 billion and agreed to cease managing outside money.

Amid the investigation, the firm has encouraged its managers to focus on deal-making.

Mr. Cohen has denied involvement but could face a civil suit by the Securities and Exchange Commission for inadequately supervising employees.

Get the latest news and information directly to your smartphone and join us on our BBM Channel C00040F5B.

Like this? Share it!
Tweet about this on Twitter1Share on Facebook0Share on Reddit0Share on LinkedIn1Share on Google+0Pin on Pinterest0Share on StumbleUpon0Digg thisBuffer this pageEmail this to someone

You need to login or register to bookmark/favorite this content.