UPDATED: Cuban in the clear, federal judge dismisses insider trading case

The SEC is all like, OMG, :'(.

"So how do you feel about the news, Mark?"

"I feel like da-a-anci-i-ing!"

A federal judge dismissed the SEC's insider trading case brought against Mark Cuban. The HDNet and Dallas Mavericks owner was accused of selling his stock in Mamma.com when he learned of events that would lead to a stock drop the following day.

He has yet to update his Twitter or Blog with the news, but we are talking about Mark Cuban here, so just give it a few minutes.

UPDATE: Since the AP's initial single line announcement, more info is rolling in. According to Reuters, the SEC did not fully prove that Cuban "undertook a duty, expressly or implicitly" to act on non-public information. The judge is allowing the SEC 30 days to file an amended complaint. So technically, he's only kind of "in the clear" pending the SEC's future actions regarding this case.

Posted by Erin