By Max Stendahl (March 5, 2013, 2:50 PM EST) -- Billionaire Dallas Mavericks owner Mark Cuban must face a U.S. Securities and Exchange Commission suit alleging he sold stock in a search engine company after its CEO divulged confidential information about an upcoming equity offering, a Texas federal judge ruled Tuesday.
U.S. District Judge Sidney A Fitzwater denied Cuban's July 13 motion to dismiss claims he wrongly failed to disclose his plans to sell 600,000 shares after learning from then-Mamma CEO Guy Faure that the firm was about to conduct a private investment in public equity, or PIPE, offering.
The PIPE was viewed negatively by investors and Mamma's stock price declined...
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