“Mark Cuban, the billionaire owner of the Dallas Mavericks basketball team, appeared at the U.S. Securities and Exchange Commission today to face questions related to the agency’s insider-trading lawsuit against him.
Cuban, 53, has been fighting for more than three years against SEC claims that he traded on confidential information when he sold his stake in Mamma.com, a Canadian Internet search company now known as Copernic Inc., just before it announced a private placement of shares. He arrived at the SEC’s offices in Fort Worth, Texas, at 8:45 a.m. with his attorney Stephen Best following a Jan. 13 court order to appear for the deposition.
In a 2008 lawsuit, the SEC claimed Guy Faure, then chief executive officer of Mamma.com, told Cuban in a 2004 phone call about plans for a private share offering. Cuban sold shares ahead of the deal, avoiding $750,000 in losses after the offering diluted his holdings, the SEC said…”
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