what happened
Huge shares of pre-camera-film Eastman Kodak (NYSE: coded) An explosion outside the gate this morning, rocking at 83% before he stopped to catch his breath and retreated slightly. By 11:20 a.m. EDT on Wednesday, however, the stock was still very much up 37..8%.
And all because of the Eastman codec.
Image Source: Getty Images.
So what
Like Wall Street Journal A committee appointed by Eastman Kodak’s board to investigate circumstances surrounding the US government’s 7 65,765 million loan in July found that Kodak had not broken any laws, the report said this morning.
The loan was to help Kodak produce pharmaceutical ingredients in the fight against coronavirus, and even before the loan was officially announced, Kodak’s stock was booming. The investigation focused on theories that internal leaks would have been encouraged by information leaks within the company, and Kodak may have given stock options to top executives prior to the loan announcement so that they could benefit from it. But a special committee headed by Kodak’s law firm Akin Gump found no such irregularities.
Now what
But there is still talk of a federal investigation into the company. Yesterday, for example, this Journal Reported that the U.S. The International Development Finance Corporation (IDFC) inspector is opening a loan review. And this is at the top of the ongoing investigation by the Securities and Exchange Commission and several congressional committees.
There is no guarantee that these other investigations will come to the same conclusions as those taken by Kodak’s own investigation. Meanwhile, IDFC has deferred payment of the loan amount to Kodak, and the money is unlikely to be released until this other investigation is completed.
