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Did Mark Cuban’s Temper Do Him In?

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Professor Stephen Bainbridge analyzes the SEC’s complaint and thinks that Cuban has a problem. After going through the relevant court decisions, he then asks why Cuban exposed himself legally over a mere (to him) $750,000. His take:

In Cuban’s case, however, I suspect it was not greed but rather his legendary temper that did him in. The PIPE transaction Mamma.com planned would have involved the issuance of new shares at a below market price. It would have diluted the economic value and voting rights of Cuban and the other pre-PIPE investors. The complaint makes clear that Cuban was furious about the planned sale. His anger led him to a rash act, which now could result in serious civil fines. Whether the Justice Department will pursue criminal charges, as well, remains to be seen.

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