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Judge dismisses Mark Cuban case

A federal judge dismisses the SEC insider trading case against the Dallas Mavericks owner.

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July 17, 2009: 3:25 PM ET

DALLAS (CNN) -- A federal judge has dismissed the Securities and Exchange Commission's insider trading case against Dallas Mavericks owner Mark Cuban, CNN has confirmed.

Judge Stanley Fitzwater, in dismissing the charges against the outspoken billionaire, allowed the commission 30 days to file an amended complaint.

The charges, filed in 2008, stemmed from Cuban's sale of all 600,000 shares he owned of Internet search company Mamma.com shortly before the company announced a private offering.

According to the SEC, Cuban avoided losses in excess of $750,000 by selling the stock before the public offering, which caused the company's stock price to fall. To top of page

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