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Kodak climbs 84% ​​after third-party review finds no insider trading

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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.

The findings of the investigation were released Tuesday in an 88-page report by law firm Akin Gump Strauss Hauer & Feld, which the committee hired to investigate the Kodak stock market events “before and immediately after” l July announcement in the amount of $ 765 million. federal loan for the production of pharmaceutical ingredients as part of an effort to reduce the United States’ dependence on foreign drug manufacturers.
In the trading days following the announcement, stocks jumped 2,757% with high trading volume. Kodak CEO Jim Continenza and other Kodak executives have come under scrutiny for receiving stock options the day before the loan announcement on July 27.

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.

Meanwhile, the deal itself has since been put on hold by the American International Development Finance Corporation as the Securities and Exchange Commission investigates how the deal with the government came to be and its wild ride.

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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