Mark Cuban’s lawyer revealed what appears to be a second part of Cuban’s defense in an interview yesterday with the Dallas Morning News. Cuban has already made it clear in a post on his blog that he will dispute whether he agreed to keep any information about Mamma.com confidential.
In the Dallas Morning News article, his attorney, Christopher Clark, states that Cuban did not necessarily understand that the information remained confidential when he traded:
But Christopher Clark, a lawyer for Mr. Cuban, said his client also was contacted by a broker about Mamma.com’s stock offering hours after he spoke with the company’s CEO.
Mr. Cuban’s impression was that other investors also were being told about the offering, Mr. Clark said.
“The broker didn’t tell him the information was confidential, and they didn’t tell Mark he couldn’t trade,” Mr. Clark said. “So Mark assumed the broker was telling everyone about the offering.”
