{"id":1214,"date":"2013-03-16T16:03:37","date_gmt":"2013-03-16T16:03:37","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/2013\/03\/district_court_turns_down_dall"},"modified":"2022-03-10T16:36:14","modified_gmt":"2022-03-10T22:36:14","slug":"district-court-turns-down-dall","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/district-court-turns-down-dall\/","title":{"rendered":"District Court Turns Down Dallas Mavericks Owner Mark Cuban\u2019s Summary Judgment Request in Insider Trading Lawsuit by SEC"},"content":{"rendered":"

\t\t\t\tIn SEC v. Cuban,<\/em> the U.S. District Court for the Northern District of Texas has rejected Dallas Mavericks owner Mark Cuban’s request for summary judgment in the Securities and Exchange Commission’s insider trading<\/a> case against him. This ruling allows the SEC to take the securities claims to a jury. <\/p>\n

There have been numerous court rulings already in the regulator’s financial fraud case against Cuban, made on the grounds of an alleged misappropriation theory of insider trading in 2008. The Commission believes that Cuban broke the federal securities laws’ antifraud provisions when he sold stock shares that he owned in Mamma.com after finding out about material non-public information about a PIPE offering that the company was about to make. By getting rid of 600,00 shares, he went on to avoid losing $750,000.<\/p>\n

Per the SEC’s Texas securities claims<\/a>, Cuban fooled Mamma.com when he consented to honor a confidentiality agreement about the information related to PIPE and agreed to not trade on this data but then proceeded to sell his stock without first telling the company that he was going to trade on the information. His action caused him to avoid taking huge losses when Mamma.com’s stock price fell after the PIPE offering was announced to the public.<\/p>\n

Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

In SEC v. Cuban, the U.S. District Court for the Northern District of Texas has rejected Dallas Mavericks owner Mark Cuban’s request for summary judgment in the Securities and Exchange Commission’s insider trading case against him. This ruling allows the SEC to take the securities claims to a jury. There have been numerous court rulings […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3811,3750],"tags":[],"class_list":["post-1214","post","type-post","status-publish","format-standard","hentry","category-insider-trading","category-texas-securities-fraud"],"yoast_head":"\nDistrict Court Turns Down Dallas Mavericks Owner Mark Cuban\u2019s Summary Judgment Request in Insider Trading Lawsuit by SEC — Investor Lawyers Blog — March 16, 2013<\/title>\n<meta name=\"description\" content=\"In SEC v. 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