Michael has over 20 years of experience representing individual and small business plaintiffs against the world’s large financial institutions, including Visa, Mastercard, and Chase.
On August 10, the U.S. International Development Finance Corporation (DFC) said that it put Eastman Kodak’s $765 million loan on hold until it clears allegations of wrongdoing. On this news, Kodakstock plummeted nearly 30% in intraday trading. Eastman Kodak investors may have a claim.
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Eastman Kodak stock plummets nearly 30%; Government puts $765 million loan on hold
In July of 2020, Eastman Kodak announced that it had received a $765 million loan from the government to produce drug ingredients related to COVID-19. Barron’s reports that Kodak’s surprise announcement resulted in a 1,167% increase in KODK’s stock price within two days. The stock was briefly trading at $60 per share on July 29th, but is now trading as low as $10 on August 10th, the article states.
According to CNBC, the Securities and Exchange Commission has opened up an investigation into the way the company disclosed the government deal, as well as “stock options that were granted to executive chairman James Continenza ahead of the announcement.”
Then, on August 7th, the DFC tweeted,
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, Eastman Kodak stock dropped nearly 30% in intraday trading. If you lost money in Kodak stock, you may have a claim. Speak with a securities lawyer to learn more about your options.
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