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Monday, November 17, 2008

Money Dallas Mavericks Owner Charged with Insider Trading

Posted by Grant Brissey on Mon, Nov 17, 2008 at 10:05 AM

Billionaire and computer-type entrepreneur Mark Cuban is charged with insider trading:

According to the [U.S. Securities and Exchange Commission], Cuban sold 600,000 shares of Internet search company Mamma.com in June 2004 using non-public information.

Cuban is accused of calling his broker and instructing him to sell all of his stock from Mamma.com after receiving the confidential information from the company.

The SEC said Cuban learned that the company would raise money through a public offering, and he knew the stock price was about to fall.

When the offering was made public, the stock fell 9.3%, and Cuban avoided losses in excess of $750,000 by selling stock the day before, the SEC report said.

Mamma.com ~~apparently exists now in only people's memories, and I have no idea what it was. Anyone remember it?~~ is apparently a lame search engine that no one remembers and that you have to type the "www." before the "mamma.com" part to get.

Via CNN

Comments (8) RSS

Oldest First Unregistered On Registered On Add a comment

Um, try visiting mamma.com to jog your memory?

Posted by Greg on November 17, 2008 at 10:19 AM

Cuban started sharesleuth.com, which calls itself "an independent Web-based reporting aimed at exposing securities fraud and corporate chicanery."

Can't wait to read their Cuban coverage.

Posted by rjh on November 17, 2008 at 10:28 AM

Wow, mamma.com is one terrible, terrible search engine. The only thing they appear to index is LibraryThing, which is just stupid beyond words.

Posted by Fnarf on November 17, 2008 at 10:31 AM

@ 1: I timed out twice when I tried to get it.

Posted by Grant Brissey on November 17, 2008 at 10:38 AM

How many search engines do we need? It would be great to find one that was 100% add free and only brought up truly relevant and active websites.

Posted by elswinger on November 17, 2008 at 11:43 AM

mamma.com tanked because it wouldn't let people search for porn.

Posted by sasha on November 17, 2008 at 12:36 PM

What's bizarre is that all these years later, eight years after the internet bubble burst, companies like this still exist. They still have somebody's investment dollars to burn through. Mamma.com is owned by Copernic, Inc., which doesn't look too healthy but is still listed on NASDAQ. Their products are unbelievably shit. Mamma.com's results are just tragically stupid, limited, and off-target.

You're wrong on one point, though; you don't have to type in the www part.

Posted by Fnarf on November 17, 2008 at 12:54 PM

When will the tyranny of the South Eastern Conference end?

Posted by Bellevue Ave on November 17, 2008 at 1:22 PM