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Business Organizations Keyed to Macey
Securities and Exchange Commission v. Cuban
Citation:
634 F. Supp. 2d 713 (2009)Facts
SEC brought a suit against Cuban under the misappropriation theory of insider trading. The SEC alleges that, after Cuban agreed to maintain the confidentiality of material, nonpublic information concerning a planned private investment in public equity (PIPE) offering by Mamma.com Inc., he sold his stock in the company without first disclosing to Mamma.com that he intended to trade on this information, thereby avoiding substantial losses when the stock price declined after the PIPE was publicly announced. The SEC maintains that Cuban is liable for violating the Securities Act of 1933 and 1934 and Rule 10b-5.
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