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.

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