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NEW YORK, Sept. 14, 2020 (GLOBE NEWSWIRE) — The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the District of New Jersey on behalf of those who acquired the Eastman Kodak Company (“Kodak” or the “Company”) (NYSE: KODK ) securities during the period from July 27, 2020 through August 7, 2020 (the “Class Period”). Investors have until October 12, 2020 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
According to the complaint, defendants throughout the Class Period made materially false and/or misleading statements as they misrepresented and failed to disclose material information pertaining to 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/or lacked a reasonable basis when made. When the true details entered the market, the complaint claims that investors suffered damages.
If you acquired Kodak securities during the Class Period, have information, or would like to learn more about these claims, please contact Thomas W. Elrod of Kirby McInerney at 212-371-6600, by email at [email protected], or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.
Kirby McInerney is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, and whistleblower litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney’s website: www.kmllp.com.
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Kirby McInerney LLP
Thomas W. Elrod, Esq., (212) 371-6600