Kodak is facing a class action lawsuit alleging that defendants failed to disclose that the Company had granted its Executive Chairman, James Continenza, and several other Company insiders millions of dollars’ worth of stock options immediately prior to the Company publicly disclosing that it had received the $765 million loan, 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, Continenza and other Company insiders purchased tens of thousands of the Company’s shares immediately prior to the announcement, again at prices that they knew would increase exponentially once news of the loan became public.
If you incurred a loss on KODK stocks purchased between July 27, 2020 and August 7, 2020, this lawsuit is on your behalf. The lawsuit was filed in the the United States District Court for the District of New Jersey, and our firm is reaching out to investors to discuss their legal rights.
If you wish to act as a representative of the shareholders harmed by this misconduct, you may ask the court to appoint you as lead plaintiff. A lead plaintiff directs the litigation and participates in important decisions, including whether to accept a settlement for the class in the action.
You only have until October 13, 2020 to apply to be lead plaintiff. The court will then evaluate the applicants and choose a lead plaintiff. You are not required to act as a lead plaintiff in order to participate in any recovery.
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