A hedge fund and its billionaire founder—who claimed text messages sought by an investor accusing them of insider trading were lost when their mobile phones were upgraded or dropped in a swimming pool—must pay sanctions, a Delaware court ruled Friday.
The pending litigation alleges Alex Denner, head of Sarissa Capital Management LP, made tens of millions of dollars by manipulating the $11.6 billion acquisition of Bioverativ Inc. by Sanofi SA.
There’s no evidence Denner or key personnel at Sarissa took steps to preserve their text messages despite orders to do so issued in 2018 by all three companies after the ...
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