Shares of Eastman Kodak Company (NYSE: KODK) went down 4.30% on Monday after an investor right firm has reminded KODAK investors of the important Tuesday deadline in Securities class action. The lawsuit has demanded the damages for KODAK investors under the federal securities law.
As per the lawsuit, the defendants had made a series of false statements and failed to reveal material information regarding the business and operations of Eastman Kodak Company, which were known to the defendants or carelessly ignored by them.
The lawsuit stated that the defendants have awarded the several insiders millions of dollars’ worth of stock options before the company has disclosed that it had got a $765 million loan from the U.S. International Development Finance Corporation to make drugs to treat COVID-19. This action of the defendant will obviously excite the stocks of Kodak once the deal would be announced.
The lawsuit also claimed that the insiders who already have information regarding the loan from the U.S. International Development Finance Corporation have immediately bought tens of thousands of Kodak shares before the announcement at a price they knew would increase after the announcement of the loan will be public. Because of this, the defendant has made various false statements regarding the company’s business, and operations.
Defendants artificially excited the stock price of the company throughout the Class Period and made investment decisions based on material, nonpublic information derived from their positions at Kodak. When the true details were revealed in the market, the lawsuit states that investors suffered huge damages.
Shares of Eastman Kodak Company (NYSE: KODK) traded down 4.30% as it lost -0.43 on the trading session of Monday. It has a 52-weeks low range of $1.50 and a 52-weeks high range of 60.00. This company has traded up 538.67% from its 52-weeks low and moved down -84.03% from its 52-weeks high. Looking at its profitability its has a return on assets of -15.605%, return on equity of -377.70%, and return on investment of -63.30%. This company has a total market capitalization of $640.14 million at the time of writing.