Dallas Mavericks owner Mark Cuban is in federal court in Dallas, telling jurors about calls and emails he sent to the CEO of an Internet firm shortly before he sold all his shares in the company. Cuban’s lawyers say there was no privileged information in the conversation.
Update, 3:15 p.m. Thursday: KERA's BJ Austin has this report on today's testimony:
The Securities and Exchange Commission says Cuban used confidential information from a phone call with the CEO of mamma.com about plans to sell more public shares of the company.
Prosecutors say that Cuban immediately sold his 600,000 shares to avoid losing $750,000. The additional stock sale would have diluted Cuban’s existing stock value and reduced his 6 percent ownership in the company.