Daily Archives: November 17, 2008, 11:32 pm

Fox Business Video: Cuban’s Attorneys States He Was Not an Insider, “No Meat to Lawsuit”

Fox Business has an interesting interview with Christopher Clark, an attorney for Mark Cuban, the video of which is available below.  Among other things, Mr. Clark states that: Cuban did not commit insider trading because he was “not an insider;” there is “no meat” to the SEC’s lawsuit against Cuban; the substance of a key telephone call involving Cuban is…

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Guest Column: Can Shareholders Waive the Fraud-on-the-Market Presumption of Reliance?

Guest column by Adam Pritchard, the Frances and George Skestos Professor of Law at the University of Michigan Law School. On Thursday, November 20, Prof. Pritchard will be speaking on the topic of “Reforming Securities Class Actions” at the University of Chicago. I recently wrote about the power of shareholders to waive the FOTM presumption of reliance (see the op-ed…

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SEC v. Cuban Craziness Already in Full Swing

Well, that didn’t take long.  In the four hours since the SEC filed its lawsuit against Mark Cuban for insider trading, we have seen Mr. Cuban and his counsel issue a statement claiming that: The SEC’s case “has no merit and is a product of gross abuse of prosecutorial discretion.” Mr. Cuban intends to demonstrate that the Commission’s claims are…

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SEC Files Insider Trading Case Against Dallas Mavericks’ Owner Mark Cuban

The SEC today charged Mark Cuban, Dallas entrepreneur and owner of the Dallas Mavericks, with insider trading for selling 600,000 shares of the stock of the Internet search engine company Mamma.com on the basis of material, non-public information concerning an impending stock offering.  In what appears to be another “PIPE”-type case (previously discussed here), the SEC alleges that in June…

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Schiffrin Barroway Law Firm Changes Name to Barroway Topaz Kessler Meltzer & Check

Schiffrin Barroway Topaz & Kessler, LLP today announced that it has changed its name to Barroway Topaz Kessler Meltzer & Check, LLP, adding Joseph H. Meltzer and Darren J. Check as named partners. Meltzer leads the firm’s ERISA Litigation Department, which is lead counsel in numerous nationwide class actions brought under ERISA. He also manages the firm’s Antitrust and Consumer…

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IR Consultant Asserts Some Investors Receiving Wire Service Information Minutes Before Rest of Public

Investor relations technology consultant Dominic Jones makes the startling assertion today that contrary to popular belief, the leading PR wire services used for corporate disclosure do not deliver information simultaneously to all investors, and that “some investors, mostly professionals with access to expensive subscription services, are trading in extended hours on information they receive from companies up to several minutes…

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