The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Eastman Kodak Company (NYSE: KODK) who purchased shares between July 27, 2020 and August 7, 2020. The action, which was filed in the United States District Court for the District of New Jersey, alleges that the Company violated federal securities laws.
In particular, the Kodak lawsuit alleges that, defendants failed to disclose that the Company had granted its Executive Chairman, James Continenza, and several other Company insiders millions of dollars’ worth of stock options immediately prior to the Company publicly disclosing that it had received the $765 million loan, which Defendants knew would cause Kodak’s stock to immediately increase in value once the deal was announced. In addition, while in possession of this material non-public information, Continenza and other Company insiders purchased tens of thousands of the Company’s shares immediately prior to the announcement, again at prices that they knew would increase exponentially once news of the loan became public.
Shareholders have until October 13, 2020 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
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