Mark Cuban, a businessman and owner of the Dallas Mavericks NBA team, was a 6% owner of the Canadian Internet company Mamma.com. In 2008, the US Securities and Exchange Commission (SEC) brought a civil lawsuit against Mr. Cuban, alleging that he had traded on non-public information. The SEC alleged that the company CEO had confidentially told Mr. Cuban information about a planned private investment in public equity (PIPE) offering. Mr. Cuban sold his shares in Mamma.com prior to the closing date of the offering.

The case was heard by Judge Sidney Fitzwater of the US District Court for the Northern District of Texas. Judge Fitzwater dismissed the case in 2009, ruling the SEC had failed to show both that Mr. Cuban agreed to keep the information confidential and that he would refrain from trading. The SEC filed an amended complaint and the Fifth Circuit appeals court revived the suit in September 2010, finding that the SEC had presented “plausible” evidence of an agreement not to trade.

NERA was retained by Mr. Cuban's legal team to provide economic analysis relating to materiality and the public availability of information about the PIPE offering. A NERA team led by Senior Vice President Dr. Patrick Conroy and Senior Consultant Dr. Jordan Milev examined the market for trading Mamma.com stock and conducted an econometric analysis of materiality. Analysis on issues including securities lending, short selling, and intraday trading were important aspects of the arguments at trial.

On 16 October 2013, a federal jury found Mark Cuban not liable for insider trading.