After being accused of insider trading by the SEC, Mark Cuban’s done the smart thing and stayed fairly quiet so far. Just the same, one short announcement has given a few clues as to what’s going on in relation to the Mamma.com charges.
For example: Cuban’s relative silence appears to be a taking-the-advice-of-his-lawyer situation. On Cuban’s blog, an official statement appeared, and the name of Ralph C. Ferrara, co-chair of the Securities, Mergers and Acquisitions, and Corporate Governance Litigation Practice Group for the Dewey & LeBoeuf law firm, is at the bottom.
Ferrara once served as General Counsel of the SEC, and has argued cases five different times in front of the Supreme Court, so Cuban looks to be well represented.
Also, the guy who’s been known to shout at refs and dance on national television hasn’t been kept from proclaiming his innocence. In the statement, Cuban said, “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.”
Approximately 440 comments then follow the announcement, so Cuban appears to both be in a considerable spotlight and have a lot of supporters. Just don’t count on hearing much more from his side of things in the near future.
