This news can’t be good for Mark Cuban’s chance to become the new owner of the Chicago Cubs. The SEC charged the Dallas Mavericks owner with insider trading after dumping his shares of mamma.com.
“The SEC alleges in a civil action that Mr. Cuban sold his entire 6% ownership stake on June 28, 2004, after learning that Mamma.com 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.”
Just when I started liking Mark Cuban this news comes out. No good!