NEW YORK, Aug. 7, 2020 /PRNewswire/ -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of Eastman Kodak Company ("Kodak" or the "Company") (NYSE: KODK). Investors who purchased Kodak securities are encouraged to obtain additional information and assist the investigation by visiting the firm's site: www.bgandg.com/kodk.
The investigation concerns whether Kodak and certain of its officers and/or directors have violated federal securities laws.
In late July 2020, the Wall Street Journal reported that Kodak had been granted a $765 million government loan under the Defense Production Act ("DPA") "to help expedite domestic production of drugs that can treat a variety of medical conditions . . . including the antimalarial drug hydroxychloroquine." Following the announcement of the DPA loan, Kodak's stock price climbed sharply from a closing price of $2.62 per share on July 27, 2020 to close at $33.20 per share on July 29, 2020. Then, on August 1, 2020, Reuters reported that prior to the announcement of the DPA loan, Kodak "granted its executive chairman options for 1.75 million shares as the result of what a person familiar with the arrangement described as an 'understanding' with its board that had previously neither been listed in his employment contract nor made public." Concurrently, market observers questioned why Kodak, historically a technology company, had been selected for a DPA loan related to pharmaceutical supplies over companies with more experience in the pharmaceutical industry. On this news, Kodak's stock price fell $6.91 per share, or $31.62%, to close at $14.94 per share on August 3, 2020.
If you are aware of any facts relating to this investigation, or purchased Kodak shares, you can assist this investigation by visiting the firm's site: www.bgandg.com/kodk. You can also contact Peretz Bronstein or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC: 212-697-6484.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
212-697-6484 | [email protected]
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