Cuban hopes insider trading suit will be thrown out
DALLAS (AP) - Mark Cuban wants a judge to throw out the Securities and Exchange Commission's lawsuit alleging the Dallas Mavericks owner was involved in insider trading.
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U.S. District Judge Sidney A. Fitzwater will hear arguments Tuesday on a motion from Cuban's lawyers. The hearing is expected to last about an hour, with each side allotted 30 minutes.
The SEC alleges Cuban engaged in insider trading when he sold his shares in an Internet search engine company, Mamma.com Inc., after receiving confidential information about a private offering in 2004. Cuban has sought to have the case dismissed on the grounds that, even if the facts are true, he didn't meet the definition of an "insider."
Author: Fox Sports Author's Website: http://www.foxsports.com Added: May 26, 2009
