In a victory that could be as satisfactory as his Dallas Mavericks winning the NBA championship, Mark Cuban has beaten the Securities and Exchange Commission in a long-running contentious legal dispute.
Looks like Mark Cuban has dodged a legal bullet in beating accusations of insider trading lodged against him by the Securities and Exchange Commission. The accusation was that he dumped stock in Mamma.com based upon information he received from a company executive and, thereby, avoided a $750,000 loss. The legal standard on these types of claims is that the “tipee” (receiver of the alleged information) knew that the information upon which their trading decision was based was from a confidential source of “non-public material information”.
Glotzer and Sweat LLP – White Collar Criminal Defense Attorneys in Los Angeles, CA
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