Tuesday, March 5, 2013
A Texas federal district court judge denied Mark Cuban's motion to dismiss the SEC's charges of insider trading against him, saying that the SEC could present its case to a jury. The allegations stem from Cuban's sale, in 2004, of his stake in Mamma.com. The SEC alleges that he sold his shares after learning the company would issue new shares in a PIPES offering, in violation of a duty he owed to the corporation to refrain from trading on the information. Cuban has mounted a vigorous defense. A trial is set for June.