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Some no-doubt disappointing news for Dallas Mavs owner Mark Cuban.An appeals court has reversed the dismissal of the insider trading charges against him, according to CNBC.
The SEC announced that it would appeal the decision last October, so the wheels of justice are moving pretty slowly on this one.
Recall that at issue is whether Cuban improperly sold shares of Mamma.com after its CEO informed him of plans to do a PIPE (private investment in a public entity).
Cuban claimed that he was an insider and had no obligation not to dump his Mamma.com shares.
The Fifth Circuit Court of Appeals said there was “more than a plausible” basis to find that Mr. Cuban agreed not to trade stock in Mamma.com, an Internet search company, after speaking to the company’s executives and learning about a private stock offering.
Update: When reached, Mark Cuban said the following: “We will immediately request a re-hearing and we will continue to aggressively pursue our pending sanctions motion against the SEC for bad faith conduct.”