Deadline Reminder: The Law Offices of Howard G. Smith Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Eastman Kodak Company (KODK)

Shareholders with losses exceeding $150,000 are encouraged to contact the firm

BENSALEM, Pa.–(BUSINESS WIRE)–$KODK #classaction–Law Offices of Howard G. Smith reminds investors of the upcoming October 13, 2020 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who acquired Eastman Kodak Company (“Kodak” or “the Company”) (NYSE: KODK) securities between July 27, 2020 and August 7, 2020, inclusive (the “Class Period”).

Investors suffering losses on their Kodak investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to howardsmith@howardsmithlaw.com.

On July 27, 2020, Kodak issued a statement to media outlets based in Rochester, New York, where it is headquartered, on the imminent public announcement of a “new manufacturing initiative” involving the U.S. International Development Finance Corporation (“DFC”) and the response to COVID-19. Following media publication of Kodak’s initial statement about the deal, the Company claimed this information was released inadvertently.

On July 28, 2020, media reported that Company had won a $765 million government loan from the DFC under the Defense Production Act (“DPA”) to produce pharmaceutical materials, including ingredients for COVID-19 drugs.

On August 1, 2020, Reuters reported new details of an “unusual” 1.75 million option grant to Kodak’s Chief Executive Officer, Jim Continenza, which “occurred because of an understanding” between Continenza and Kodak’s Board of Directors “that had previously neither been listed in his employment contract nor made public.”

On this news, Kodak’s shares fell $6.91 per share, or 32%, to close at $14.94 per share on August 3, 2020, thereby injuring investors.

Over the next several days, several articles reported the Congressional and regulatory scrutiny regarding the option grants and the DFC loan.

On August 7, 2020, after the market closed, the DFC announced, “On July 28, we signed a Letter of Interest with Eastman Kodak. Recent allegations of wrongdoing raise serious concerns. We will not proceed any further unless these allegations are cleared.”

On this news, the Company’s stock price declined $4.15, or 28%, to close at $10.73 per share on August 10, 2020, thereby injuring investors further.

The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that the Company had granted its Executive Chairman, James Continenza, and several other Company insiders millions of dollars’ worth of stock options immediately prior to the Company publicly disclosing that it had received the $765 million loan, 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, Continenza and other Company insiders purchased tens of thousands of the Company’s shares immediately prior to the announcement, again at prices that they knew would increase exponentially once news of the loan became public.

If you purchased or otherwise acquired Kodak securities during the Class Period, you may move the Court no later than October 13, 2020, to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

Contacts

Law Offices of Howard G. Smith

Howard G. Smith, Esquire

215-638-4847

888-638-4847

howardsmith@howardsmithlaw.com
www.howardsmithlaw.com