ROCHESTER, N.Y. (WROC) — Eastman Kodak’s stock rose on Wednesday after a special committee to oversee an internal review of activity by the company’s CEO, found no wrongdoing.
Kodak’s stock rose more than 70% shortly after the market opened Wednesday, dropping slightly throughout the afternoon but still held a 35% gain as of 1 p.m.
“Kodak, and its officers, directors, and senior management did not violate the securities regulations or other relevant laws, engage in a breach of fiduciary duty, or violate any of Kodak’s internal policies and procedures,” a report of the investigation reads.
Kodak’s depressed stock price surged earlier this summer, a week before the company announced its plans to work with President Donald Trump’s administration in exchange for a $765 million loan.
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Ultimately, the special committee was appointed to look into the recent activities surrounding the announcement of the potential loan.