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Home›Cash›Kodak shares climb 80% after investigation finds no wrongdoing in government loan

Kodak shares climb 80% after investigation finds no wrongdoing in government loan

By Loriann Hicks
March 9, 2021
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US government regulators would have been investigate why Kodak announced the loan on July 27, the day before the official announcement – the same day, some executives, including Jim Continenza, Kodak executive chairman and CEO, were given stock options.

Kodak, in a statement to CNN Business in August, said it had no plans to make those details public until July 28. The stock rose nearly 3,000% in the days following the loan announcement and has since fallen back to earth.

But the inspector general of the US International Development Finance Corp, which negotiated the deal, found no evidence that “agency employees had conflicts of interest in the plans.” according to the Wall Street Journal. The inspector general’s report also found no wrongdoing in the government’s loan administration process, the newspaper reported.
The agency or Kodak (KODK) did not immediately return CNN Business’s request for comment.

Kodak, the maker of camera equipment, garnered attention – and critics – for the first loan of its kind over the summer. It received a government loan under the Defense Production Act as part of efforts to reduce reliance on foreign drug makers for Covid-19.

The loan remains however waiting indefinitely pending an investigation of the Securities and Exchange Commission and other questions from lawmakers.
A report published in September also found no wrongdoing on behalf of government employees. While the review found no signs that Kodak had broken the law, it did reveal that the company had mismanaged the stock options granted to its CEO in the days leading up to the signing of the loan agreement.

The review by law firm Akin Gump Strauss Hauer & Feld concluded that insider trading laws had not been violated, noting that Kodak executives had been told by the attorney general that the process loan application was “at a very uncertain stage”.

“Kodak is committed to the highest levels of governance and transparency, and it is clear from the findings of the review that we need to take action to strengthen our practices, policies and procedures,” Kodak said in a previous statement. .

Kodak was trading around $ 33 per share after the July announcement, but fell to $ 7.53 per share at Friday’s close.

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