Cooley Helps Clear Cuban in Insider Trading Suit
Washington, DC – October 17, 2013 – Cooley LLP announced today that client Mark Cuban, owner of the NBA Dallas Mavericks, has been cleared of all counts of insider trading brought against him by the U.S. Securities and Exchange Commission in the Northern District of Texas. The claims related to Cuban's sale of his stock in Mamma.com in 2004.
The SEC accused Cuban of allegedly trading on non-public information when he sold his 600,000 shares worth $7.9 million in Mamma.com, a Canadian-based Internet search company, prior to a PIPE (private investment in public equity) offering that would have possibly lowered the stock price and diluted the value of its shares.
The trial, which spanned three weeks, concluded with final arguments on Tuesday. The nine-member jury deliberated for under four hours before returning a not liable verdict.
The Cooley team that represented Cuban, along with co-counsel from Fish & Richardson, Latham & Watkins, and Brown Rudnick, was led by partner Lyle Roberts and included special counsel George Anhang and associates Kyle Reynolds and Mike Herring.
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