Friday, July 17, 2009
Zachary A. Goldfarb, Washington Post,
Zachary A. Goldfarb, Washington Post,
Judge Dismisses SEC Complaint Against Mark Cuban
Dallas Mavericks owner Mark Cuban prevailed in his defense against insider trading allegations today, as a federal court dismissed the Securities and Exchange Commission's case against the billionaire.
The SEC had accused Cuban of avoiding $750,000 in losses by selling his stake in an Internet company, Mamma.com, knowing that the firm was about to issue more shares, lowering the value of those held by existing investors. Cuban argued he had no legal duty not to act on the information.
The SEC has 30 days to appeal the ruling.
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Posted by Editor on 07/17/09 at 06:14 PM •
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