NEW ORLEANS — The legal battle between the Securities and Exchange Commission and Mark Cuban is back on.
A federal appeals court Tuesday reinstated the insider-trading case against Cuban, the Internet entrepreneur- turned-owner of the Dallas Mavericks basketball team. A trial judge dismissed the lawsuit more than a year ago.
The SEC brought civil charges against Cuban in November 2008, accusing him of trading on confidential information when his stake in an Internet-search firm was sold just as it was to reveal news that led its stock price to drop.
The SEC contends that Cuban sold shares of , now called Copernic, in 2004 after the company’s chief executive shared with Cuban confidential information that the company was planning a stock offering called a private investment in a public entity. Such an offering typically depresses a company’s share price. The New York Times
