The Breakdown of String Perturbation Theory for Many External Particles
  We consider massless string scattering amplitudes in a limit where the number of external particles becomes very large, while the energy of each particle remains small. Using the growth of the volume of the relevant moduli space, and by means of independent numerical evidence, we argue that string perturbation theory breaks down in this limit. We discuss some remarkable implications for the information paradox. 
Sudip Ghosh and Suvrat Raju
hep-th gr-qc