Mavericks’ Cuban wins case against SEC

Dallas Mavericks owner Mark CubanA US federal judge dismissed the insider trading lawsuit filed by the Securities and Exchange Commission against Dallas Mavericks owner Mark Cuban.

Judge Sidney A. Fitzwater said in his ruling Securities and Exchange Commission could not prove fraud and gave it 30 day to file an amended complaint.

In his ruling the Judge said, "while the SEC adequately pleads that Cuban entered into a confidentiality agreement, it does not allege that he agreed, expressly or implicitly, to refrain from trading on or otherwise using for his own benefit the information the CEO was about to share."

Mark Cuban was charged for selling all of his 600,000 shares of Internet search company Mamma. com shortly before the company announced a private offering in the year of 2004.

SEC blamed Mark Cuban for avoiding losses in excess of $750,000 by selling his shares prior to public offering, which made company's stock prices to drop.

Scott Friestad, a big shot from Securities and Exchange Commission said that the commission was analysing the court's ruling and mulling over the available alternatives.