Ralph C. Ferrara, speaking on behalf of his client, Mark Cuban, responded on Cuban's Blog Maverick site today and slammed the SEC's Enforcement Division for bringing a civil complaint of insider trading over Cuban's sale of stock in Mamma.com, Inc. in 2004.
This matter, which has been pending before the Commission for nearly two years, has no merit and is a product of gross abuse of prosecutorial discretion. Mr. Cuban intends to contest the allegations and to demonstrate that the Commission’s claims are infected by the misconduct of the staff of its Enforcement Division.
Mr. Cuban stated, “I am disappointed that the Commission chose to bring this case based upon its Enforcement staff’s win-at-any-cost ambitions. The staff’s process was result-oriented, facts be damned. The government’s claims are false and they will be proven to be so.”
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