OLD Media Moves

ShareSleuth posts second article; Cuban again short

October 26, 2006

The investigative business journalism Web site ShareSleuth has posted its second story since it started this summer, and once again majority owner Mark Cuban has shorted stock in the company that the piece focuses on.

Mark CubanThe piece is about UTEK Corp., a Florida-based technology transfer company, and the article states, “Cuban also has sold short 75,000 shares of UTEK’s stock at an average price of around $20 a share. Christopher Carey, editor of Sharesleuth.com, does not invest in individual stocks and has no position in the shares of Xethanol or UTEK.”

UTEK’s shares closed on Wednesday, Oct. 25, at $19.01. The last time the shares traded at $20 was on Oct. 2, meaning that Cuban invested in the stock at least three weeks before the article was published.

As far as the journalism involved, this article is an exhaustive piece of research that discloses some shady practices by this company and its business partners. Read more here.

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