SAN DIEGO, Aug. 16, 2020 /PRNewswire/ — Shareholder Rights Law Firm Johnson Fistel, LLP announces that a class action lawsuit has been filed against Eastman Kodak Company (“Kodak” or “the Company”) (NYSE: KODK) and certain of its officers.
The class action is on behalf of all persons or entities that purchased or otherwise, acquired Kodak securities between July 27, 2020 and August 7, 2020, inclusive (the “Class Period”). Investors have until October 13, 2020, to apply to the Court to be appointed as lead plaintiff in the lawsuit.[Click here to join this action]
According to the lawsuit, defendants throughout the Class Period made materially false and misleading statements as they misrepresented and failed to disclose material information about the Company’s business and operations, which were known to defendants or recklessly disregarded by them. Specifically, the defendants failed to disclose that the Company 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 the Company’s 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 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, non-public information derived from their positions at Kodak. If you wish to serve as a lead plaintiff, you must move the Court no later than October 13, 2020
If you are a long-term Kodak shareholder continuously holding the stock since before July 27, 2020, you may have standing to hold Kodak harmless from the alleged harm caused by the officers and directors of the Company by making them personally responsible. You may also be able to assist in reforming the Company’s corporate governance to prevent future wrongdoing. Please contact Jim Baker ([email protected]) at 619-814-4471. If you email, please include your phone number. Additionally, you can [Click here to join this action]. There is no cost or obligation to you.
About Johnson Fistel, LLP:
Johnson Fistel, LLP is a nationally recognized shareholder rights law firm with offices in California, New York and Georgia. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. For more information about the firm and its attorneys, please visit http://www.johnsonfistel.com. Attorney advertising. Past results do not guarantee future outcomes.
Johnson Fistel, LLP
Jim Baker, 619-814-4471
SOURCE Johnson Fistel, LLP