An update to our earlier story about the insider trading charges the SEC brought onto dotcom billionaire Mark Cuban, the notorious entrepreneur famous for investing in NAKEDpizza and also for founding a number of Internet startups (e.g. Broadcast.com, bought by Yahoo! for $4.6 billion) and owning the Dallas Mavericks basketball team.
Apparently, a federal judge has dismissed the case.
According to a MarketWatch report, the AP says U.S. District Judge Sidney Fitzwater granted Cuban’s motion and gave the SEC 30 days to file an amended complaint.
The SEC had filed suit against Cuban in November 2008, alleging he sold shares of Internet company Mamma.com based on non-public info, sparing himself hundreds of thousands of dollars in losses (an estimated $750,000 to be exact). Cuban publicly fought the case through blog posts and Twitter messages, and that strategy seems to have paid off. Or maybe his lawyers just did a good job defending him.
We’ll know soon enough, I reckon.
Good for Cuban. To me insider trading means that
A. you were told about something really good or bad from somebody that works for the company, either a lawyer or otherwise
B. You act on that to profit by trading on that company’s stock.
If you do research on your own, you shouldn’t be witch hunted by anybody. Even if it’s computer assisted research.
BTW, Adobe released a white paper about how to turn worthless web 2.0 customers into paying customers, but you have to register to get it.
https://www1.sc..._Loyaltypap_eml
Nice Spam.
Yeah, Chris was talking about the court case first then its completely out of nowhere he starts talking about Adobe.
Getting conned into buying broadcast.com for 5 billion was the downfall of Yahoo.
Cuban is not to be blamed, just a great salesman. He / his minions probably paid off the judge, SEC should resubmit.
Yeah, that streaming video stuff never took off.
Cuban is to be blamed for that douche photo – oouuaaaarrgggh…
it still cost Cuban $50k to $75K to hire, retain and have his suits go to court for him. So, the question is what did he win? If he turns around and counter sues the govt for his attorney fees and gets judgment then I’d say he won.
Alot of people had that feeling Mark Cuban was not going to have to deal with that. But, it’s all good though
I can never forgive him for trading Devin Harris
Not to mention the schizophrenia associated with not giving Nash a little extra because he was going to get old and giving Kidd a little extra while he’s already old. I’d take Harris back in a heartbeat.
I would say NakedPizza is one of his lowest profile investments, though it’s very handy that you have a link to a TC article on it.
Yeah, its called sarcasm
Good. Cuban is a playa and too many people hate him just for that reason.
He is what he cause of his hard work. He sold broadcast for billions, good for him.
Haters can do the same rather than trolling.
I vote for more Cuban on Techcrunch…He isn’t a one trick pony like so many other “geniuses” are…He’s been successful over and over again
He is a turd.
Ohh yea, now I can sleep at night. Screw Cuban http://bit.ly/lwpBi
I’m happy for Mark, he seems like a great guy and that case was a joke… I mean for a billionaire and a person of his stature to risk getting in to potentially very serious trouble for an amount of money that’s not even worth a million, never made any sense to me. He either didn’t know or was framed.
I mean for those of you who don’t know, this guy paid over $1M just in NBA fines…
LOL, its all about who you know. He clearly knew which pockets to “lube”. Its the American way!
RT
http://www.anonymize.us.tc
Cuban has enough ‘haters’, that they’ll just drum up some other charges on another matter……
Cuban is off da hook..LOL
i didnt know abt this guy until recently.
He’s been successful over and over again
I also came to know about this man only in the recent times.