NEW YORK, Sept. 28, 2020 /PRNewswire/ -- Rosen Law Firm, a global investor rights law firm, reminds purchasers of the securities of the Eastman Kodak Company (NYSE: KODK) between July 27, 2020 and August 11, 2020, inclusive (the "Class Period"), of the important October 13, 2020 lead plaintiff deadline in the case. The lawsuit seeks to recover damages for Kodak investors under the federal securities laws.
According to the lawsuit, defendants throughout the Class Period made materially false and/or misleading statements as they misrepresented and failed to disclose material information pertaining to Kodak's business and operations, which were known to defendants or recklessly disregarded by them. Specifically, the defendants failed to disclose that Kodak had granted several insiders millions of dollars' worth of stock options, immediately prior to the Company publicly disclosing that it had received a $765 million loan from the U.S. International Development Finance Corporation to produce drugs to treat COVID-19, 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, Company insiders purchased tens of thousands of Kodak shares immediately prior to the announcement, again at prices that they knew would increase once news of the loan became public. As a result of the foregoing, defendants' statements about Kodak's business, operations, and prospects were false and misleading and/or lacked a reasonable basis when made. As a result of this fraudulent scheme, defendants artificially inflated the Company's stock price throughout the Class Period and made investment decisions based on material, nonpublic information derived from their positions at Kodak. When the true details entered the market, the lawsuit claims that investors suffered damages.
A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than October 13, 2020. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, go to http://www.rosenlegal.com/cases-register-1914.html or to discuss your rights or interests regarding this class action, please contact Phillip Kim, Esq. of Rosen Law Firm toll free at 866-767-3653 or via e-mail at [email protected] or [email protected].
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY RETAIN COUNSEL OF YOUR CHOICE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO NOTHING AT THIS POINT. AN INVESTOR'S ABILITY TO SHARE IN ANY POTENTIAL FUTURE RECOVERY IS NOT DEPENDENT UPON SERVING AS LEAD PLAINTIFF.
Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 3 each year since 2013. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm's attorneys are ranked and recognized by numerous independent and respected sources. Rosen Law Firm has secured hundreds of millions of dollars for investors. Attorney Advertising. Prior results do not guarantee a similar outcome.