LOS ANGELES–(BUSINESS WIRE) – Frank R. Cruz law firm is announcing an investigation on behalf of Eastman Kodak Company ("Kodak" or the "Company") (NYSE: KODK) investors into possible violations of the Company's federal securities law.
If you are a shareholder who has suffered a loss, click here to participate.
On July 27, 2020, Kodak issued a statement to media company based in Rochester, New York, where its headquarters are located, announcing the upcoming public announcement of a "new manufacturing initiative" involving the US International Development Finance Corporation ("DFC") and involved in the response to COVID-19. After the media released Kodak's first statement about the deal, the company alleged that this information was accidentally released.
On July 28, 2020, media reported that the company had received a US $ 765 million government loan from the DFC under the Defense Production Act (“DPA”) to manufacture pharmaceutical materials, including ingredients for COVID-19 drugs.
On August 1, 2020, Reuters reported new details to Kodak's chief executive officer, Jim Continenza, of an "unusual" option grant of 1.75 million "under an agreement" between Continenza and the Kodak Board of Directors that had previously been made had not been listed in his employment contract yet published. "
In that news, Kodak stock fell $ 6.91 per share, or 32%, to close at $ 14.94 per share on August 3, 2020, hurting investors.
Over the next few days, several articles covered the scrutiny of Congress and regulators over the granting of options and the DFC loan.
On August 7th, 2020, after the market closed, the DFC announced: “On July 28th we signed a letter of interest with Eastman Kodak. The recent allegations of wrongdoing raise serious concerns. We will not take any further action until these allegations are resolved. "
In that news, the company's share price fell $ 4.15, or 28%, to close at $ 10.73 per share on August 10, 2020, further hurting investors.
Follow us for updates on Twitter: twitter.com/FRC_LAW.
If you have purchased Kodak securities, have information or would like to learn more about these claims, or have any questions about this announcement or your rights or interests in relation to these matters, please contact Frank R. Cruz of the Frank R. Law Firms. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067, 310-914-5007, by email at firstname.lastname@example.org or visit our website at www.frankcruzlaw.com. When inquiring by email, please include your mailing address, telephone number and number of shares purchased.
This press release may be viewed as a solicitor advertisement in some jurisdictions under applicable laws and ethical rules.