Here's the video and a little more info on the play. This seems to be taunting to some degree.
Video: Lance Stephenson gets technical foul for waving ball in Tony Allen’sface | The Point Forward - SI.com
I wonder if the NBA sent out any communications to the officials and players after the ball fake on Kobe a few years ago that was a similar play that went with a no call.
Matt Barnes Ball Fake on Kobe Bryant's Face - YouTube