Mark Cuban Reports Carmike Cinemas Stake

NEW YORK -- Mark Cuban, the billionaire owner of the Dallas Mavericks basketball team and co-owner of the Landmark Theaters cinema chain, has acquired a 9.4% stake in Carmike Cinemas (CKEC Quote), according to a regularly filing on Monday.

In the Securities and Exchange Commission filing, Cuban reported buying 1.2 million Carmike shares on the open market for roughly $2.8 million of his own funds. According to the filing, Cuban has been acquiring the shares through his personal investment account since mid-October.

Cuban, who has been controversial within the National Basketball Association -- racking up more than $1 million in fines for his behavior on the court -- has recently become the target of civil lawsuit alleging insider trading.

In November, federal regulators accused Cuban of using confidential information to bail out of an investment in search-engine company Mamma.com Inc. in 2004, avoiding about $750,000 in losses. Cuban has denied any wrongdoing. ...