The SEC alleges in a civil action that Mr. Cuban sold his entire 6% ownership stake on June 28, 2004, after learning that Mamma.com was raising money through a private investment in a public entity, or PIPE. The next day, on June 29, the company announced the PIPE financing and shares of the company dropped by more than 10%. By selling his stake, the SEC alleges, Mr. Cuban avoided more than $750,000 in losses.
Not that it means anything to the case, but the latest entry to Mr. Cuban’s ‘Blog Maverick’ personal site is headlined I Hate to Lose.
As Wired News’ Chris Snyder points out in a follow-up to the WSJ news, "Among his various ventures Cuban is also the majority partner of sharesleuth.com, which purports to expose securities fraud."