Yipit, a Carlyle-backed alternative data firm, has intensified its trade secret lawsuit against rival M Science. The amended complaint claims M Science's CEO and other executives encouraged former Yipit employees to steal confidential information, leading to significant client losses. The original lawsuit, unveiled last October, revealed how proprietary data points were misappropriated, damaging Yipit's standing in the investment management industry. M Science has strongly denied these allegations, referring to them as "absolutely meritless," while Yipit provides evidence of communications indicating a plot to undermine its business.
Yipit alleges that rival M Science and its executives collaborated to steal proprietary data, undermining Yipit's business and prompting a significant loss of customers.
The complaint highlights a well-documented campaign by M Science to misappropriate Yipit's trade secrets, facilitated by former Yipit employees now at M Science.
Carlyle-backed Yipit's amended lawsuit names M Science executives, including CEO Michael Marrale, alleging they encouraged theft of proprietary product and client information.
M Science dismissed Yipit's claims as 'absolutely meritless' amidst allegations it used stolen information from Yipit to gain an unfair advantage in the market.
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