Mark Cuban, owner of the NBA’s Dallas Mavericks, was cleared of selling shares on insider information on Wednesday.
Cuban was on trial for allegedly selling his shares in the Canadian search engine company Mamma.com in 2004 with insider information. The Securities and Exchange Commission (SEC) claimed that Cuban had learned about a negative development in the company from Guy Faure, the company’s CEO. The SEC claims that Cuban then sold all of his shares in the company, which were worth $7.9 million. After Cuban had sold his shares, the company’s stock had dropped 9.3%. Cuban was cleared of the charges by a nine-person jury that deliberated on the matter for close to four hours. The jury agreed that the SEC had failed to prove that Cuban had sold his shares with insider information. Cuban’s attorney, Stephen Best, said that Cuban’s camp was celebrating after the verdict was announced, reports USA Today.
Cuban is estimated to be worth $2.5 billion by Forbes. he also regularly appears on Shark Tank, which is a show about about investors analyzing and deciding whether or not to invest in new products.