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9/16, 3:18 PM (Source: TeleTrader)
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Kodak stock surges over 50% after proving no law violation

Shares of The Eastman Kodak Company jumped on Wednesday by more than 50% after the special committee appointed by the company’s board showed in its independent review that there was no law violation.

Previously, there were some concerns regarding a planned $765 million loan from the US government that the company should have gotten for aiding the manufacturing of generic drugs. Kodak allegedly reached out to news outlets before making an official statement and took advantage of the surge in stock prices so the government decided to halt the loan.

At 9:10 am ET, the stock price came to jumped by 51.20% selling for $9.33.

Breaking the News / TF