Billionaire Mark Cuban did not engage in insider trading: jury

Mark Cuban (L), the billionaire owner of the NBA's Dallas Mavericks, speaks with the media while his attorney Stephen Best (R) looks on prior to entering U.S District Court for the opening day of his
Mark Cuban (L), the billionaire owner of the NBA’s Dallas Mavericks, speaks with the media while his attorney Stephen Best (R) looks on. Credit: Reuters

Mark Cuban, billionaire owner of the Dallas Mavericks basketball team, did not engage in insider trading when he sold his stock in an Internet company in 2004, a Texas jury decided on Wednesday.

Cuban, 55, estimated by Forbes magazine to have a net worth of $2.5 billion, was accused by the U.S. Securities and Exchange Commission of trading on non-public information when he sold his 600,000 shares in Internet search company Mamma.com – worth $7.9 million – and avoided a $750,000 loss.

Prosecutors argued at a two-week trial that Cuban sold his stake soon after learning from Mamma.com Chief Executive Guy Faure that the Montreal-based company was planning a private placement that would dilute his holdings in the company.

Mamma.com shares dropped 9.3 percent on the morning after the offering was announced. By that time, Cuban had already sold his shares.

The nine-member jury issued the verdict after deliberating 3 hours and 35 minutes. Cuban nodded and smiled as the verdict was read.

 


News
Entertainment
Sports
Lifestyle
International

Putin fields question from U.S. fugitive Edward Snowden

Edward Snowden, the fugitive former U.S. spy agency contractor who leaked details of intelligence eavesdropping, asked Russian President Vladimir Putin a question on Thursday during…

Local

Teen in 'Jihad Jane' terror case to be…

A judge on Thursday is set to sentence a high school student who pleaded guilty to helping al Qaeda and working with the woman known as "Jihad Jane."

National

Rapper affiliate of Wu-Tang Clan 'cuts off own…

Rapper Andre Johnson, who has performed with New York outfit the Wu-Tang Clan, is in a critical condition after reportedly cutting off his own penis…

Local

Supporters say man accused of robbery was misidentified

A Liberian immigrant couple charged with extorting money from an elderly woman in March will be in court Thursday for a bail hearing, but supporters say it's a case of…

The Word

Lawsuit accuses 'X-Men' director Bryan Singer of raping…

A new lawsuit accuses director Bryan Singer of sexual assault against a minor.

Movies

The Cannes Film Festival announces its 2014 lineup

The lineup of the 2014 Cannes Film Festival was announced this morning, promising the latest from a slew of usual (and some unusual) suspects.

Television

‘Survivor: Cagayan’ recap: Episode 8

Sure, it's called Survivor. But this season should really be called 'The Tony Show.'

Television

Jim Rash talks 'The Writer's Room' and amazing…

For Jim Rash, as the fifth season of "Community" comes to a close, the second season of "The Writer's Room" begins.

NFL

2014 NFL Mock Draft: Updated, new April version

2014 NFL Mock Draft: Updated, new April version

NHL

Flyers, Rangers meet in playoffs for 11th time

The Flyers and Rangers will start a new chapter in a historic rivalry.

MLB

MLB Power Rankings: A's are baseball's best, Brewers…

MLB Power Rankings: A's are baseball's best, Brewers and Braves right behind

NHL

Top 5 Philadelphia storylines for Flyers-Rangers

The slate is clean for the Flyers and the Rangers. Which is good news for the Flyers.

Wellbeing

This Week in Health News: breastfed infants trying…

Are breastfed infants trying to prevent mom from having another baby? Theory: The act of breastfeeding not only brings mom and baby closer together –…

Wellbeing

This Week in Health: chocolate may prevent obesity…

Can chocolate prevent obesity and diabetes? Location of study: U.S. Study subjects: Mice Results: The positive health benefits of chocolate have been studied increasingly more…

Wellbeing

Unexplained infertility may be caused by lack of…

Researchers have identified a protein on the egg's surface that interacts with another protein on the surface of sperm, allowing the two cells to join.

Tech

5 surprising facts about Google Glass

Your sex life could get more interesting.