Since Kodak announced its venture into the pharmaceutical industry in 2020, questions have persisted regarding CEO Jim Continenza’s stock trading practices while the company was in talks with the federal government about a potential $765 million loan.
Kodak stock sold at less than $3 per share the day before the massive federal loan for Kodak to produce generic drug ingredients was announced, then soared to $60 per share shortly after. NYS Attorney General Letitia James began investigating the claims of insider trading, though the Kodak company maintains everything was done above-board, according to News10 NBC.
Now, AG James will have to decide whether or not to move forward with a lawsuit. The federal Securities and Exchange Commission is also assessing the legitimacy of related claims in a separate review.
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