Morales v. Quintiles Transnational Corp.

MEMORANDUM

OWEN, District Judge.

Plaintiff, a stockholder in Quintiles Transnational Corp., alleges a violation of § 16(b) of the Securities Exchange Act of 1934, codified at 15 U.S.C. § 78p(b) by defendant David Smith, a Quintiles insider in 1994-96, see Blau v. Lamb, 363 F.2d 507, 514 n. 6 (2d Cir.1966). 1 Plaintiff and defendant both move for summary judgment pursuant to Rule 56 of the Federal Rules of Civil Procedure.

In 1994, Smith set up a trust 2 for his daughter Andrea, funding it with Quintiles stock. 3 This trust was to pay him in a prefixed annuity over three years. This annuity would…