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Court in Cuban Case: SEC Failed to Allege Agreement Not to Trade on Info in Question

By on July 17, 2009, 12:19 pm

As previously discussed here, U.S. District Judge Sidney A. Fitzwater dismissed the SEC’s insider trading case against Dallas Mavericks owner Mark Cuban this morning. A copy of the Court’s Order is available here.

In his ruling, Judge Fitzwater found that the SEC failed to adequately allege that Cuban agreed with Mamma.com (a) not to disclose material, nonpublic information about the PIPE offering, and (b) not to trade on or otherwise use the information.

Full details of the court’s ruling are available in this post on my Enforcement Action blog over at Compliance Week.

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2 responses to “Court in Cuban Case: SEC Failed to Allege Agreement Not to Trade on Info in Question”

  1. SEC Case Against Mark Cuban is Dismissed | Compliance Building July 17, 2009, 3:06 pm at 3:06 pm |

    […] Court in Cuban Case: SEC Failed to Allege Agreement Not to Trade on Info in Question by Bruce Carton for Securities Docket […]

  2. Mark Cuban Seeks Attorneys’ Fees Following Dismissal of SEC Action August 31, 2009, 4:11 pm at 4:11 pm |

    […] the payment of attorneys’ fees incurred in his defense of the case.  As previously discussed here, on July 17, U.S. District Judge Sidney Fitzwater dismissed the SEC’s complaint against Cuban […]