I wish I could say more, but I will have to leave it to this, and let the judicial process do its job.
November 17, 2008
RE: SEC Civil Action in the United States District
for the Northern District of Texas, Dallas Division
Mark Cuban today responded to a civil complaint filed by the United States Securities and Exchange Commission in the United States District for the Northern District of Texas, Dallas Division. In its complaint, the Commission charges that Mr. Cuban engaged in violations of the federal securities laws in connection with transactions in the securities of Mamma.com Inc.
This matter, which has been pending before the Commission for nearly two years, has no merit and is a product of gross abuse of prosecutorial discretion. Mr. Cuban intends to contest the allegations and to demonstrate that the Commission’s claims are infected by the misconduct of the staff of its Enforcement Division.
Mr. Cuban stated, “I am disappointed that the Commission chose to bring this case based upon its Enforcement staff’s win-at-any-cost ambitions. The staff’s process was result-oriented, facts be damned. The government’s claims are false and they will be proven to be so.”
Ralph C. Ferrara, Esq.
A second post is here.
And there's more: Dealbook breaks a big bit of info about friction between Cuban and someone in the Fort Worth office of the SEC angry over Cuban's involvement in financing and distributing "Loose Change," a 9/11conspiracy documentary.
I've got no clue as to Cuban's guilt or innocence, but it's going to be absolutely fascinating to watch this case unfold online. Cuban obviously can't go into detail about his case, but it's a guarantee he'll be back to explain himself fully.