Gainey McKenna & Egleston Announces A Class Action Lawsuit Has Been Filed Against Eastman Kodak Company (KODK)

8/14/2020, 10:15 PM (Source: GlobeNewswire)

NEW YORK, Aug. 14, 2020 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against Eastman Kodak Company (“Kodak” or the “Company”) (NYSE: KODK) in the United States District Court for the District of New Jersey on behalf of those who purchased or acquired the securities of Kodak between July 27, 2020 and August 7, 2020, inclusive (the “Class Period”). The lawsuit seeks to recover damages for Kodak investors under the federal securities laws.

The Complaint alleges that 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/or lacked a reasonable basis when made. As a result, Defendants artificially inflated the Company’s stock price throughout the Class Period and made investment decisions based on material, nonpublic information derived from their positions at Kodak. When the true details entered the market, the lawsuit claims that investors suffered damages.

Investors who purchased or otherwise acquired shares of Kodak during the Class Period should contact the Firm prior to the October 13, 2020 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.

Please visit our website at http://www.gme-law.com for more information about the firm.

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