作者Paraguay (巴拉圭)
看板Mavericks
標題[外電] Cuban wants access to documents
時間Fri May 29 15:13:48 2009
Source:
http://sports.espn.go.com/nba/news/story?id=4213948
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Cuban wants access to documents
Updated: May 29, 2009, 2:49 AM ET / Associated Press
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DALLAS -- Mark Cuban sued the Securities and Exchange Commission on Thursday
for access to documents detailing the insider trading case against the Dallas
Mavericks owner.
The Dallas billionaire filed requests for records in December under the
Freedom of Information Act. That was a month after the SEC brought a civil
action against Cuban, accusing him of selling shares of Internet search
engine company Mamma.com after receiving confidential information about a
private offering.
Cuban's lawsuit, filed in U.S. District Court in Washington, claims the SEC
improperly rejected some requests, didn't respond quickly enough to appeals
of rejections and failed to conduct adequate searches for some records.
Cuban provided a copy of his lawsuit to The Associated Press after it was
reported by The Dallas Morning News. He didn't comment further. An SEC
spokesman declined comment.
The lawsuit said Cuban sought records of investigations involving Copernic
Inc., the name for Mamma.com established two years ago, and an array of
current and former Cuban enterprises, including the Mavericks, HDNet and
Broadcast.com Inc.
According to the lawsuit, the SEC missed deadlines to respond to appeals of
several rejected requests, leaving Cuban no choice but to sue.
"Because the SEC has failed to timely respond to Mr. Cuban's FOIA/Privacy Act
appeals, Mr. Cuban has exhausted his administrative remedies," the lawsuit
said.
The SEC was vague in rejecting many of the requests, the lawsuit said, and
sometimes claimed investigations were ongoing when the agency was on record
as having completed the probes. The lawsuit also cited President Barack
Obama's executive order from January declaring that federal agencies "should
adopt a presumption in favor of disclosure."
The lawsuit was filed two days after Cuban appeared in federal court for a
hearing on his motion to have the case dismissed. The hearing allowed
attorneys to articulate arguments previously stated in motions and briefs
since the suit's filing in November. U.S. District Judge Sidney A. Fitzwater
didn't immediately rule on the motion.
The SEC alleges that Cuban avoided a $750,000 loss by selling his 600,000
shares, which represented a 6.3-percent stake in Mamma.com, after executives
told him of plans for a private offering. Cuban's legal team doesn't
acknowledge those facts as true. But even if they are, Cuban's lawyers
contend, he didn't engage in insider trading because he wasn't legally an
"insider."
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