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A federal jury in Texas on Wednesday found Mark Cuban, the billionaire owner of the Dallas Mavericks, not guilty of insider trading in a case brought by the SEC related to Cuban’s 2004 sale of stock in an Internet company.
The U.S. Securities and Exchange Commission sued Cuban in 2008, alleging that he sold $7.9 million worth of shares in search engine Mamma.com based on nonpublic information to avoid $750,000 in losses. Cuban disputed the SEC’s charge and said that other investors knew about an offering that would lower the value of the company’s shares.
Cuban, in addition to owning the Mavericks basketball team, runs cable channel AXS TV (previously called HDNet). He also co-owns the Landmark Theater chain, Magnolia Pictures and Magnolia Home Video along with partner Todd Wagner, and he also appears on ABC reality series “Shark Tank.”
The jury’s verdict in the case followed a three-week trial in the U.S. District Court for the Northern District of Texas in Dallas.
Cuban spoke with reporters after the jury decision Wednesday:
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