Monday, November 17, 2008

So much for Cuban buying the Cubs

Mark Cuban can kiss his chance at owning an MLB franchsie goodbye. Cuban was charged by the Securities and Exchange Commission on Monday with insider training.

The SEC alleges in a civil action that Mr. Cuban sold his entire 6% ownership stake on June 28, 2004, after learning that was raising money through a private investment in a public entity, or PIPE. The next day, on June 29, the company announced the PIPE financing and shares of the company dropped by more than 10%. By selling his stake, the SEC alleges, Mr. Cuban avoided more than $750,000 in losses.

For the full text of the SEC complaint, click here.

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