The Wall Street Journal is reporting that the Securities and Exchange Commission (SEC) has filed insider-trading charges against Mark Cuban, the entrepreneur, billionaire, and Dallas Mavericks owner.
According to the WSJ article, the SEC alleges in a civil action that Cuban sold his entire 6% ownership stake in Mamma.com in June 2004, after learning that Mamma.com was raising money through a discounted stock offering. The next day, the company publically announced the stock offering and shares of the company dropped by more than 10%. As of mid-2007, Mamma.com became known as Copernic Inc. (CNIC). CNIC shares are up 13% today to 26 cents per share.
–Steve Claussen
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