8/10/2020, 1:47 PM (Source: TeleTrader)
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Kodak shares plunge over 40% in premarket trading

Shares of American technology and pharmaceutical company Eastman Kodak dropped over 40% in premarket trading on Monday after the US government purported that insider trading has endangered its entrance into the pharmaceutical sector. The United States International Development Finance Corporation stated earlier that the "recent allegations of wrongdoing raise serious concerns. We will not proceed any further unless these allegations are cleared."

Eastman Kodak stocks previously jumped more than 530% on after the company's shares continued to surge on news that it would join in the production of generic active ingredients for a number of drugs.

Kodak shares were down by 39.52% to $9 in premarket trading at 7:45 am ET.

Breaking the News / TF