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Mark Cuban versus SEC: Insider trading or insider politics
VentureBeat —
... executives about Cuban’s own actions. This follows a 2007 email published by the New York Times yesterday, purportedly from an S.E.C. official to Cuban: The official accuses Cuban, an American, of acting unpatriotically towards his country because he financed a movie that was highly critical of President George Bush. Cuban has separately bankrolled investigative reporting into the S.E.C.’s failure to regulate the finance industry over the last decade.
Cuban’s memo today:
November 18, 2008
On behalf of ...
Mark Cuban fights back [Insider Trading]
Gawker: valleywag —
... Dallas Mavericks owner and dotcom jillionaire Mark Cuban has posted an SEC P2 filing to his personal blog. Cuban can run a team, but he's a bit sloppy trying to put the paperwork in context. In short: The SEC has accused Cuban of ordering the sale of his shares in Momma.com in 2004, based on inside info, to avoid a $75,000 loss. Here's what Cuban is trying to say with his post: ...
Mark Cuban Can’t Help Himself, He’s Going To Fight The SEC In Public
TechCrunch —
... has no merit and is a product of gross abuse of prosecutorial discretion. Mr. Cuban intends to contest the allegations and to demonstrate that the Commission’s claims are infected by the misconduct of the staff of its Enforcement Division.
He prefaced that with the single line:
I wish I could say more, but I will have to leave it to this, and let the judicial process do its job.
Yet today, he kept at it, posting another memo from his lawyer, hinting at how he plans to defend himself: ...
Cuban Can't Resist Using BlogMaverick To Defend Against SEC Charges
paidContent —
... . Well, technically, he isn't doing the talking. Instead, Tuesday's salvo posted on Cuban's Blog Maverick is from a second lawyer at Dewey & LeBoeuf LLP "on behalf of Mark Cuban." This one denies the SEC's claim that Cuban broke an agreement of confidentiality when he sold his stake in Mamma.com in 2004 just before the company made an announcement that would dilute the value. ...
Mark Cuban takes off the muzzle and responds to SEC case
SiliconBeat » O’Brien —
... In a follow up post on his blog, Cuban lays out his defense. Essentially, he claims he never agreed to keep information confidential. In Cuban’s telling, the case comes down to the recollections of that phone call between himself and the Mamma.com CEO that took place four years ago:: ...
DealBook: Another View: Mark Cuban Nabbed. So What?
NYT > Technology —
... trades in the shares. Mr. Cuban was an investor in Mamma.com, and its management sought to interest him in the PIPE deal, which did not make him very happy. But owning shares in a company does not make one a fiduciary, and there are no restrictions on the right to sell one’s shares. While the commission contends that Mr. Cuban agreed to keep the information confidential, the key to an insider trading case, whether he actually did that remains to be seen. On Tuesday, Mr. Cuban posted a statement on his blog asserting there was no such agreement. This is not your classic ...
