Eastman Kodak Company shares dropped 28% in intraday trading after the federal government tweeted it was holding back a $765 million loan, pending the SEC's investigation into Kodak. The U.S. International Development Finance Corporation (DFC) tweeted on Friday August 7, 2020 that it "will not proceed any further" in making the loan, meant to help the photography-focused company manufacture pharmaceutical materials, "unless these allegations are cleared." Gibbs Law Group is investigating a potential Kodak Securities Class Action Lawsuit on behalf of investors who lost money in Eastman Kodak Company (NYSE:KODK).
To speak with an attorney regarding this class action lawsuit investigation, click here or call (888) 410-2925.
On Tuesday July 28, 2020, Kodak announced a $765 million loan from the government to support the company in manufacturing generic drug components. However, Kodak experienced unusually strong trading volume the day before this announcement. In response, the SEC launched an investigation into Kodak on Tuesday August 4, 2020 and Senator Elizabeth Warren called for a greater investigation by Congress. Kodak's board of directors has also opened an independent review. The DFC tweet about pausing the $765 million loan came shortly after these investigations, on Friday August 7, 2020.
On this news, Kodak's stocks dropped 28% in intraday trading on Monday August 10, 2020, causing significant harm to investors.
What Should Kodak Investors Do?
If you invested in Kodak, visit our website or contact our securities team directly at (888) 410-2925 to discuss how you may be able to recover your losses. Our investigation concerns whether Eastman Kodak Company has violated federal securities laws.
About Gibbs Law Group
Gibbs Law Group represents individual and institutional investors throughout the country in securities litigation to correct abusive corporate governance practices, breaches of fiduciary duty, and proxy violations. The firm has recovered over a billion dollars for its clients against some of the world's largest corporations, and our attorneys have received numerous honors for their work, including "Class Action Practice Group of the Year," "Best Lawyers in America," "Top Plaintiff Lawyers in California," "California Lawyer Attorney of the Year," "Top Class Action Attorneys Under 40," "Consumer Protection MVP," and "Top Cybersecurity/ Privacy Attorneys Under 40."
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SOURCE: Gibbs Law Group
EILEEN EPSTEIN PHONE: 510.350.9728 EMAIL: EJE@CLASSLAWGROUP.COM