The SEC announced today that it has decided to appeal the July 17, 2009, dismissal of its insider trading lawsuit against Mark Cuban. The Dallas Morning News reports that SEC spokesman John Nestor issued a statement that
As we alleged in our complaint, Mark Cuban violated the antifraud provisions of the federal securities laws by engaging in illegal insider trading in the securities of Mamma.com. We believe the District Court erred in dismissing our complaint and we look forward to presenting our position to the Fifth Circuit Court of Appeals.
