SEC v. Mark Cuban

On October 16, 2013, a federal jury rejected SEC claims that Mark Cuban engaged in insider trading when he sold his stake in internet company after learning that the company would sell shares in a private investment in public equity (PIPE) transaction that purportedly caused its stock price to decline.  A team from our Chicago office led by Mike Keable acted as consultants to Cuban’s counsel.  We analyzed the economic evidence regarding’s stock and the materiality of PIPE transaction announcements and concluded that it was inconsistent with the SEC’s claims.