DALLAS – Jurors say billionaire Mark Cuban did not commit insider-trading when he sold his shares in an Internet company in 2004 after learning of a development that would dilute the value of his investment.
The jury in federal court found that the SEC failed to prove several key elements of its case, including that Cuban traded on nonpublic information.
The nine-member jury deliberated for about four hours.
The Securities and Exchange Commission accused Cuban of using inside information to sell $7.9 million of stock in Mamma.com after he learned confidentially of a stock offering that would send the share price down.
Cuban testified that he never agreed to keep information about the stock deal private and told the company that he would sell his shares.