Regulation
Mark Cuban takes SEC feud to Twitter

Mark Cuban has criticized the Securities and Exchange Commission since defeating its attorneys who brought him to trial on insider-trading charges. On Friday, he surfaced at an SEC conference and turned up the heat via Twitter.

The entrepreneur and Dallas Mavericks owner, wearing a gray hoodie and jeans, sat in the audience of a conference in Washington at which SEC Chairman Mary Jo White and other top regulators gave speeches on the agency’s agenda. Cuban tweeted comments on their remarks, offering a mix of praise and criticism of White and SEC Commissioner Luis A. Aguilar.

“Love the fact that Commissioner Aguilar is CRUSHING the SEC on its turnover,” Cuban tweeted. “I’m liking this guy a lot.”

A jury in October found that ­Cuban, 55, didn’t violate insidertrading laws when he sold his stake in an Internet company
after learning about its plans to raise additional funds, which would have diluted his investment. Cuban later compared the victory to “winning a Mavs championship” and criticized the agency’s trial lawyers by name on Jay Leno’s “Tonight Show.”

Cuban said Friday that he he was not seeking an audience with White and attended the conference to learn more about how the SEC operates. In a brief interview with reporters, he criticized the agency for blaming its problems on a lack of funding.

“Commissioner Aguilar said the same thing — there’s no institutional knowledge anymore because of the turnover, and that creates a big problem,” he said. “It was obvious in my case.”

— Bloomberg News

HEALTH INDUSTRY
Allergies spur recall of Fitbit monitor

Fitbit has stopped sales of its latest model, the Fitbit Force, and instituted a voluntary recall after reports that the health-tracking band was giving some users an allergic reaction.

James Park, Fitbit’s chief executive, said in a statement on the company’s Web site that Fitbit was pulling the product after independent test results confirmed that the wristbands caused “allergic contact dermatitis” in fewer than 2 percent of its customers. The dermatitis — an itchy, sometimes painful rash — is likely an allergic reaction to nickel in the device’s stainless steel, Park said. Some users may also be reacting to “materials used in the strap” or adhesives used in the product’s assembly.

Reports of rashes first surfaced last month, prompting the company to offer refunds and exchanges to those who were
experiencing skin irritation.

The company is offering a full refund to all Force buyers. It also has set up a recall Web page and a call center to deal with complaints.

— Hayley Tsukayama

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