(Sports Network) - The insider trading suit brought against Dallas Mavericks owner Mark Cuban by the Securities and Exchange Commission was reportedly dismissed on Friday.

A federal judge in Dallas tossed the suit, according to The Dallas Morning News, stating that the SEC failed to prove that Cuban used non-public information to sell, and thereby avoid losses of his stock in Mamma.com. The paper reported Cuban had unloaded 600,000 shares in the company, which would have accounted for losses of more than $750,000.

Cuban is not out of the woods yet, however, as the dismissal gives the SEC 30 days to re-file its original complaint.

The SEC originally alleged that Cuban began selling his six percent ownership stake in the company on June 28, 2004, after learning that Mamma.com was raising money through a private investment in a public entity, or PIPE.

The next day, the company announced the PIPE financing and shares of the company dropped by more than 10 percent.

According to the complaint, the SEC has alleged Cuban was aware the shares would be sold below market price, and ordered his broker to sell all shares in the search engine company. By selling his stake before the public announcement, the SEC said Cuban avoided more than $750,000 in losses.

The 50-year-old Cuban owns the Mavericks, HDNet, a national high-definition television network, and Landmark Theaters. He has also been rumored to be interested in purchasing a stake in Major League Baseball's Chicago Cubs.











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