Owner of the Dallas Mavericks basketball team, Mark Cuban has been charged by the Securities and Exchange Commission with allegedly unloading shares in Mamma.com when he learned it was trying to raise funds in a private investment in a public entity, otherwise known as PIPE.
The SEC’s allegations states that Mr. Cuban dumped his 6% ownership on June 28, 2004. The following day, the company announced that PIPE’s financing and shares dropped by over 10%, thus causing Mr. Cuban to avoid losing more than $750K.
The billionaire entrepreneur who holds the Guinness Book of Records with the “largest single e-commerce transaction” for paying $40 million for a Gulf Stream Jet probably won’t mind dishing out however much it takes to get his legal team to get him out of this mess.
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