Posted: Oct 7, 2013 6:11 PM
Updated: Oct 8, 2013 4:10 AM
DALLAS (AP) The insider-trading lawsuit against Mark Cuban will continue after a judge turned down the billionaire Dallas Mavericks owner's attempt to dismiss the government's case as unproven.
U.S. District Judge Sidney Fitzwater's ruling late Monday means the case is likely to be decided by jurors who heard Cuban testify for two days in Dallas.
The Securities and Exchange Commission alleges Cuban violated a confidentiality agreement and unloaded his shares in a Canadian search-engine company in 2004 after learning the company planned a stock offering that would reduce the value of his $7.5 million stake.
Cuban has testified he never agreed to keep information about the offer confidential and saw no reason why he couldn't sell his shares in Mamma.com Inc.