Court Dismisses Cuban Insider Trading Charges
Suit Involved Mavericks Owner's Stake in Internet Search Engine
Mike Farrell -- Multichannel News, 7/17/2009 12:23:02 PM EDT
A federal judge dismissed insider trading charges against NBA Dallas Mavericks' owner and HDNet founder Marc Cuban Friday, according to the Associated Press.
U.S. District Judge Sidney Fitzwater granted Cuban's request to dismiss the charges, according to AP. The judge gave the Securities and Exchange Commission 30 days to file an amended complaint.
Back in November, the SEC claimed that in 2004, Cuban saved more than $750,000 by dumping an Internet search engine stock (Mamma Inc.) soon after obtaining confidential information from the CEO. The SEC asked the court to bar Cuban from engaging in further violations of securities law; disgorge the $750,000 with interest and other unspecified civil penalties. Cuban vehemently denied the charges.
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