The SEC filed a notice Wednesday that it plans to take its case to the 5th U.S. Circuit Court of Appeals in New Orleans.
The outspoken billionaire owner of the NBA's Dallas Mavericks was accused in a civil lawsuit of selling his shares and avoiding a $750,000 loss after receiving confidential information about the Internet search engine company Mamma.com in 2004.
U.S. District Judge Sidney A. Fitzwater dismissed the case in August. He said the agency didn't allege that Cuban had agreed not to trade on confidential information.