Voyager Investors Challenge Dismissal of Suit Against Mark Cuban

The appeal targets a December 2025 decision by U.S. District Judge Roy K. Altman, who dismissed the claims without prejudice. Altman determined that the plaintiffs failed to prove the defendants specifically targeted Florida residents through their promotional activities, despite the nationwide reach of Cuban’s endorsements. The legal challenge also contests a subsequent May 27 order that denied the investors' request to reopen the case.

The litigation, which originated in 2022, alleges that Cuban and the Mavericks promoted unregistered securities by encouraging the public to use the Voyager platform. Plaintiffs pointed to a 2021 news conference where Cuban touted his personal investment in the firm, as well as a team-sponsored promotion that offered $100 in Bitcoin to new users. Counsel for Cuban maintains that these efforts did not constitute targeted solicitation within Florida, and emphasized that the billionaire had publicly warned investors to exercise caution regarding crypto assets. While other high-profile figures, including Rob Gronkowski and Victor Oladipo, reached a $2.4 million settlement last year, Cuban and the Mavericks remain the final targets in the fallout from Voyager’s 2022 Chapter 11 bankruptcy.