Jury sides with Dallas Mavericks owner in case brought by Securities and Exchange Commission
Mark Cuban can breathe a sigh of relief — and perhaps cool off by fanning himself with a few billion-dollar bills.
The Dallas Mavericks owner and all-around mogul was cleared by a jury on Wednesday in an insider-trading case that accused him of profiting off of private information in his dealings with search engine company Mamma.com.
Judge Sidney Fitzwater of U.S. District Court in Dallas said that the case had been dismissed with prejudice, according to court papers obtained by TheWrap.
The Securities and Exchange Commission had brought the case against Cuban, claiming that he sold off $7.9 million in Mamma.com stock, after confidentially learning of a stock offering that would negatively affect the price, according to the Associated Press.
The SEC had wanted Cuban to pay back $750,000 in losses that he sidestepped with the stock sale, plus a fee.
During the trial — which began Sept. 30 — Cuban testified that he agreed to keep the information about the stock offering private, and that he had made his intention to sell the stocks known.
Cuban has not yet responded to TheWrap’s request for comment.
SEC spokesman John Nester told TheWrap in a statement that the agency respects the jury’s decision.
“We respect the jury’s decision,” Nester said. “While the verdict in this particular case is not the one we sought, it will not deter us from bringing and trying cases where we believe defendants have violated the federal securities laws. ”
Pamela Chelin contributed to this report.
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