Mark Cuban Beats the SEC: Judge Tosses Insider-Trading Case
by Peter Kafka
Posted on July 17, 2009 at 7:53 AM PT
A federal judge has dismissed the Securities and Exchange Commission’s insider-trading case against Mark Cuban, the AP reports. Astonishingly, Cuban has yet to say anything about this on his blog or his Twitter account. But I assume that will be rectified shortly.
UPDATE: That took a while–nearly two hours by my estimate. But here’s Cuban’s initial post-court Tweet (click to enlarge):
At the D7 conference in May, Cuban declined to talk about the case, which revolved around allegations that he dumped shares he owned in search engine Mamma.com after learning of a secondary offering. But even his noncomment was interesting. From my transcript of his interview with Kara Swisher and Walt Mossberg:
“Kara and Walt: Tell us about your fight with the SEC? Mark: No. [Pause] ‘When someone in the government wants you, it’s not a good place to be. You don’t want to be someone’s skin on the wall.’ Kara: ‘Do you know how it’s going to turn out?’ Mark: ‘Yes.’”
Here’s a highlight reel of the interview; you can see the entire session here.
