Mark Cuban charged with insider trading by SEC

November 18, 2008 · By admin

(No Ratings Yet)

Loading ...

Wow…That’s a great news today. American internet entrepreneur and Dallas Mavericks owner Mark Cuban has been charged with insider trading by the SEC!. Mark Cuban is also known as Dancing With The Stars Alum.

The SEC says that Cuban traded his entire 6% possession stake of mamma.com on June 28, 2004, after determining that Mamma.com was growing money by a private investment in a public entity, acknowledged also as PIPE. The next day the company annunciated the PIPE financing and apportions of the company dropped by more than 10%. By selling his 6% the Mavericks owner preserved more than $750,000 in losings.

As a canadian search engine, mamma.com was integrated with Copernic Technologies, which also provides search software and online advertising services, in December 2005. It now sells under Copernic’s ticker, CNIC. It accepted 669,000 unique visits in September, down 66% from the 2 million it got a year earlier, according to comScore. Mamma.com claims itself “The Mother of All Search Engines.” It allows you search the Web, Videos, Jobs, Shop, Yellow Pages, White Pages. Trouble is, if your name Is not Google, Yahoo, or Microsoft you are pretty much call at the cold today.