Point72 purchases 11.2 million shares of BlackBerry
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.