BOCA RATON, Fla., Aug. 21, 2020 (GLOBE NEWSWIRE) -- Saxena White P.A., the only firm to have filed a recent securities fraud class action complaint against Eastman Kodak Company (“Kodak” or the “Company”) (NYSE: KODK), reminds investors that there is limited time to file a motion for lead plaintiff. Saxena White P.A. recently filed a securities fraud class action lawsuit in the United States District Court for the District of New Jersey against Kodak, and certain of its executive officers, (collectively, “Defendants”) on behalf of all persons or entities who purchased or otherwise acquired Kodak common stock between July 27, 2020 and August 7, 2020, inclusive (the “Class Period”).
If you purchased Kodak common stock during the Class Period and wish to apply to be lead plaintiff, a motion on your behalf must be filed with the Court by no later than October 13, 2020. You may obtain a copy of the Complaint and inquire about actively joining the class action by going to our website (www.saxenawhite.com) and submitting the required information by clicking here. An attorney from Saxena White P.A. may reach out to discuss your rights regarding the appointment of lead plaintiff or your interest in the class action. You may also retain counsel of your choice and need not take any action at this time to be a class member. Your ability to share in any recovery does not require that you serve as a lead plaintiff.
The Complaint asserts claims for violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 against Kodak and certain of its executive officers. The action alleges that during the Class Period, Defendants misrepresented and failed to disclose material information pertaining to the Company’s business and operations, which were known to Defendants or recklessly disregarded by them. Specifically, Defendants failed to disclose that the Company had granted its CEO and several other Company insiders millions of dollars’ worth of stock options, immediately prior to the Company publicly disclosing that it had received a $765 million loan from the government to produce COVID-19 treatments, which information Defendants knew would cause Kodak’s stock to immediately increase in value once the loan was announced. In addition, while in possession of this material non-public information, Kodak’s CEO and other Company insiders purchased tens of thousands of the Company’s shares immediately prior to the announcement, again at prices that they knew would increase exponentially once news of the loan became public.
Saxena White P.A., with offices in Florida, New York, and California, concentrates its practice on prosecuting securities fraud and complex class actions on behalf of institutions and individuals. Currently serving as lead counsel in numerous securities fraud class actions nationwide, the firm has recovered hundreds of millions of dollars on behalf of injured investors and is active in major litigation pending in federal and state courts throughout the United States.