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Today's update in the case of the U.S. government vs. Mark Cuban is a juicy one. Cuban's representatives posted a tiny piece of an interview they conducted with the former CEO of mamma.com, Guy Feure.
The bottom line is that he denies an important fact in the government's complaint against the Dallas Mavericks owner.
Mr. Feure says that Cuban did not respond with anything that led him to believe he had agreed to keep in confidence what Mr. Feure was about to tell him.
This is critical to the case because the SEC alleges that :
"The CEO, in reliance on Cuban's agreement to keep the information confidential, proceeded to tell Cuban about the PIPE offering."
If there was no promise on which the CEO relied then a structural piece of the case is just not there. The confidentiality of the stock offering or the PIPE (private investment in public equity) is at the heart of the claim against Cuban.
There may be other facts that can support the SEC allegations but not this one. And this is the one they feature in the language of the lawsuit.
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