SEC v. Cuban

The SEC has lived to fight another day in its case against Mark Cuban over his sale of shares in Mamma.com as Judge Sidney Fitzwater denied Cuban's motion for summary judgment, and it now looks like the billionaire investor will be headed to trial.  Ultimately, the Court determined that, although the case was close, the SEC had set forth sufficient evidence in opposition to Cuban's motion and had demonstrated that sufficient evidence exists in the record to place the suit before a jury.  This case is of particular interest to securities litigators because it is one of several cases since the landmark Supreme Court case of United States v. O'Hagan to broaden the scope of insider trading liability under the misappropriation theory.