The US Court of Appeals in New Orleans overturned the lower-court ruling yesterday.
Stephen Best, representing Cuban, said his client is “naturally disappointed in the court’s decision” but is also “mindful of the fact that the decision does not mean that he is liable for anything.”
Cuban argued he had no legal obligation not to sell the stock after Guy Faure, then Mamma.com’s chief executive officer, told him of the impending private offering of below-market shares in a telephone call.
In 2000, Cuban purchased the Mavericks from Ross Perot Jr. for $280 million, a record at the time for a National Basketball Association team.
