While the review found no signs that Kodak was breaking the law, it did reveal that the company had mismanaged stock options granted to its CEO in the days leading up to the signing of the loan agreement.
Kodak shares rose about 36% on Wednesday afternoon.
Akin Gump’s review concluded that insider trading laws had not been violated, noting that Kodak executives had been told by the attorney general that the loan application process was “at a stage very uncertain “.
However, the report found Kodak at fault for the early disclosure of the government loan a day before its official announcement, but not in violation of the laws.
Kodak said on Tuesday that it plans to implement the measures and recommendations detailed in the committee’s report.
“Kodak is committed to achieving the highest levels of governance and transparency, and it is clear from the findings of the review that we need to take action to strengthen our practices, policies and procedures,” Kodak said in a statement. .
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