SEC’s Cuban Insider-Trading Suit Is Revived by Court
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Mark Cuban, the billionaire owner of the Dallas Mavericks, must face insider-trading allegations by the U.S. Securities and Exchange Commission that were thrown out last year by a lower-court judge, an appeals court ruled.
The U.S. Court of Appeals in New Orleans overturned the lower-court ruling in a decision today. In a 2008 lawsuit, the SEC accused Cuban of trading on confidential information when he sold his stake in Mamma.com Inc., a Canadian Internet search company, just before it announced a private placement of shares.