MainEv3nt Posted July 17, 2009 Report Share Posted July 17, 2009 U.S. District Judge Sidney A. Fitzwater granted Mark Cuban's motion to dismiss an insider trading lawsuit on Friday. Fitzwater gave the Securities and Exchange Commission 30 days to file an amended complaint. The SEC alleged Cuban was involved in insider trading when he sold shares in an Internet search engine company, Mamma.com Inc., after receiving confidential information about a private offering in 2004. The SEC said Cuban avoided a loss of $750,000 by selling his 600,000 shares, which represented a 6.3 percent stake in the company. Cuban's lawyers argued that the NBA team owner wasn't legally an "insider." http://realgm.com/src_wiretap_archives/60630/20090717/insider_trading_suit_against_cuban_dropped/ Quote Link to comment Share on other sites More sharing options...
Mike Hawk Posted July 19, 2009 Report Share Posted July 19, 2009 He wasnt an insider? yet he owned shares of stock.Then what was he just a stock owner? Quote Link to comment Share on other sites More sharing options...
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