41.7 InsiderTradingDonald C. Hoodes was the chief executiveofficer of the Sullai

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41.7 InsiderTradingDonald C. Hoodes was the chief executiveofficer of the Sullair Corporation. As an officer of thecorporation he was regularly granted stock options to purchasestock of the company at a discount. On July 20 Hoodes sold 6000shares of Sullair common stock for $38350. On July 31 Sullairterminated Hoodes as an officer of the corporation. On August 20Hoodes exercised options to purchase 6000 shares of Sullair stockthat cost Hoodes $3.01 per share ($18060) at the time they weretrading at $4.50 per share ($27000). Hoodes did not possessmaterial nonpublic information about Sullair when he sold orpurchased the securities of the company. The corporation broughtsuit against Hoodes to recover the profits Hoodes made on thesetrades. Who wins?Sullair Corporation v. Hoodes 672F.Supp. 337Web1987 U.S. Dist. Lexis10152 (United States District Court for the Northern District ofIllinois)

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