Kodak defends CEO’s June stock purchase

Business

Jim Continenza bought thousands Kodak shares a month before Tuesday's announcement

ROCHESTER, N.Y. (WROC) — Kodak’s announcement Tuesday that it was receiving a $765 million dollar federal loan to produce key ingredients for pharmaceuticals sent the company’s stock soaring.

Wednesday, an SEC filing that noted a stock purchase by Kodak’s CEO Jim Continenza started circulating online with some wondering whether it constituted insider trading.

The filing shows Continenza bought about just under 47,000 shares of Kodak stock for $2.22 a share on June 23 making his total number of Kodak shares 650,000.

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It’s unclear whether the purchase was prearranged.

In response to an inquiry, Kodak sent News 8 this statement:

The stock purchases you refer to are a continuation of Jim Continenza’s ongoing, regular investments in Kodak and are in full compliance with regulatory guidelines for investment activity.  Since joining Kodak as Executive Chairman in February 2019, Mr. Continenza has purchased 650,000 shares of Kodak stock.  As reflected in Mr. Continenza’s SEC filings

(https://www.sec.gov/Archives/edgar/data/31235/000089183920000200/xslF345X03/edgar.xml ), the 46,737 shares purchased on June 23rd represent a very small portion of Mr. Continenza’s interest in the company. Mr. Continenza is Kodak’s largest individual shareholder and his consistent investments in Kodak reflects his continued belief in the potential of the company.

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This is a developing story. Check back with News 8 WROC as we will continue to update with any developments.

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