New York AG Pursues Insider Trading at Kodak

Issue 73

New York State Attorney General Letitia James asked a New York court to order that Eastman Kodak and its CEO James Continenza, to turn over evidence in advance of a planned insider-trading lawsuit against them.

Kodak and Continenza allegedly violated New York securities law when he bought 46,737 shares of the company’s stock on June 23, James has claimed in court papers filed in state court in Manhattan Tuesday.  James said she “has determined to commence an action” against the company and Continenza. The company disclosed James’s threatened lawsuit last month.

Continenza’s alleged trades came just before the stock soared after the White House announced a deal to loan the company $765 million to produce drug ingredients amid the coronavirus pandemic.

Source: Bloomberg