The former employees took "secret information at the heart of Yipit's business" to use in their roles at MScience, Yipit says in its lawsuit. The lawsuit does not name MScience, only Alex Pinsky, Zachary Emmett, and 10 John Does, who "conspired" with the two named defendants. Carlyle-backed data giant Yipit's lawsuit against two former employees — and 10 unnamed "individuals or entities who have conspired" with them — is the talk of the alternative data industry. AdvertisementEmmett tried to conceal the transfers of Yipit's client data when he left the company, according to the lawsuit. Advertisement"Yipit is making sure these guys don't work in alt data ever again," a data executive at a hedge fund said.

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Persons: Yipit, Alex Pinsky, Zachary Emmett, John, Carlyle, Sam Bankman, Emmett, Pinsky, MScience, Yipit's Organizations: Jefferies, MScience, Facebook, Apple Locations: Manhattan, Yipit