Mark Cuban Loses Bid to Have Insider Trading Case Thrown Out

by March 05, 2013

The SEC’s more than four-year old insider trading case against Dallas Mavericks owner Mark Cuban will proceed, as Cubes lost a bid to have the civil fraud lawsuit thrown out by the courts. Per Reuters: “U.S. District Judge Sidney Fitzwater in Dallas said the U.S. Securities and Exchange Commission may continue to press its more than four-year-old case against Cuban, the owner of the National Basketball Association’s Dallas Mavericks. In its November 2008 lawsuit, the SEC accused Cuban of selling his 6.3 percent stake in Inc for about $8 million in June 2004 after learning that the Montreal-based search engine company had been planning a stock offering. The regulator said Cuban was able to avoid more than $750,000 of losses on his sale of 600,000 shares. Stephen Best, a lawyer for Cuban, did not immediately respond to a request for comment. A Mavericks spokeswoman declined to comment. SEC spokesman John Nester said: ‘We look forward to proceeding with our insider trading case against Mr. Cuban in court.'”