SEC v. Mark Cuban

Memorandum of Law of Mark Cuban in Support of Motion to Dismiss


Mark Cuban filed a motion to dismiss the SEC’s insider trading case against him. The SEC filed the case, charging Cuban with insider trading for selling shares of the stock of the Internet search engine company on the basis of material, non-public information concerning an impending PIPE offering.

Cuban argues that the issue of fiduciary duty in his case is governed by Texas state law, and that the SEC has failed to allege any facts supporting the notion that a fiduciary or similar relationship of trust and confidence existed between Mr. Cuban and under the relevant law.

Cuban also argues that the court should not consider “federal common law” to determine if a fiduciary relationship existed, but even if it does, the SEC has still failed to adequately plead the existence of the requisite relationship.

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Reference Info:Legal Memoranda: Motion Addressed to Pleadings | Federal, 5th Circuit, Texas | United States

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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