Mark Cuban, the controversial owner of the National Basketball Association's Dallas Mavericks, filed a motion Tuesday asking a US judge to throw out an insider trading lawsuit against him.
The 50-year-old Texas business tycoon was charged with selling 600,000 shares of stock from Internet search engine company, Mamma.com Incorporated, by the Securities and Exchange Commission.
The SEC alleges in its suit that Cuban took part in insider trading when he sold the shares of Mamma.com after receiving confidential information about a private offering.
Cuban denies any wrongdoing and questions the SEC's definition of insider trading.
On Tuesday, US District Judge Sidney Fitzwater, heard arguments from Cuban's lawyer to dismiss but he didn't rule.
Cuban appeared for the hearing wearing a suit instead of the T-shirt and jeans he sports at most Mavericks' games. He sat in the first row of the gallery and did not speak to the court.
Cuban has been fined more than 1.5 million dollars by the NBA for statements critical of the league and its referees.
His latest brouhaha involved Denver forward Kenyon Martin and the Nuggets star's mother, Lydia Moore.
Cuban had a heated exchange with Moore during game three of the Nuggets-Mavericks quarter-final playoff series then posted an apology to her on a blog.
Cuban made his money through Internet and technology companies and in 2000 purchased the Mavericks, becoming an outspoken critic of some aspects of the league and billing himself as his team's top fan.
Copyright 2009 AFP American Edition
