DALLAS (AP) – Dallas Mavericks owner Mark Cuban wants an insider trading lawsuit against him thrown out, but he’ll have to wait for a judge’s decision.
U.S. District Judge Sidney A. Fitzwater heard arguments Tuesday on Cuban’s motion to dismiss the Securities and Exchange Commission suit, but didn’t rule.
Cuban, sporting a black suit rather than his usual T-shirt and jeans, declined to comment afterward. He sat quietly in the front row of the court gallery throughout the proceeding.
The SEC alleges Cuban engaged in insider trading when he sold shares in an Internet search engine company, Mamma.com Inc., after receiving confidential information about a private offering. Cuban’s attorney argued the SEC is not correctly defining insider trading.
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