We previously covered the Securities and Exchange Commission’s lawsuit against Mark Cuban. Today brings some good news on that front for the billionaire businessman. From Mark Cuban’s brother, lawyer / blogger Brian Cuban:
Chief Judge Sidney Fitzwater said in a 35-page ruling released Friday that the SEC had failed to prove that Cuban, who owns the Dallas Mavericks, “undertook a duty of non-use of information required to establish liability under the misappropriation theory of insider trading.”
As the SEC has 30 days to amend the complaint, further comment by me would be inappropriate until the deadline has passed.
The complete ruling is here (PDF). Professor Stephen Bainbridge offers more detailed analysis.
SEC Dimissed Lawsuit Against Mark Cuban [The Cuban Revolution]
Mark Cuban Wins a Big Round Against SEC Insider Trading Rap [Professor Bainbridge]
SEC’s Insider Trading Suit Against Mark Cuban Is Dismissed [WSJ Law Blog]
SEC v. Cuban [PDF]
Earlier: Mark Cuban: Meet the SEC