S.E.C. v. CUBAN

No. 09-10996.

620 F.3d 551 (2010)

SECURITIES AND EXCHANGE COMMISSION, Plaintiff-Appellant, v. Mark CUBAN, Defendant-Appellee.

United States Court of Appeals, Fifth Circuit.

September 21, 2010.


Attorney(s) appearing for the Case

Michael Laurence Post , Senior Lit. Counsel, Kevin O'Rourke , Randall W. Quinn , Asst. Gen. Counsel (argued), Washington, DC, for Plaintiff-Appellant.

Stephen A. Best , Ralph Carmine Ferrara , Lyle Roberts (argued), Dewey & LeBoeuf, L.L.P., Washington, DC, Paul Edward Coggins, Jr ., Locke, Lord, Bissell & Liddell, L.L.P., Dallas, TX, for Defendant-Appellee.

Nicholas Ian Porritt , Akin Gump Strauss Hauer & Feld, L.L.P., Washington, DC, for Amicus Curiae.

Before KING, HIGGINBOTHAM and GARZA, Circuit Judges.


PATRICK E. HIGGINBOTHAM, Circuit Judge:

This case raises questions of the scope of liability under the misappropriation theory of insider trading. Taking a different view from our able district court brother of the allegations of the complaint, we are persuaded that the case should not have been dismissed under Fed.R.Civ.P. 9(b) and 12 and must proceed to discovery.

Mark Cuban is a well known entrepreneur and current owner of the Dallas Mavericks and Landmark...

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