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Kodak stock surges Wednesday after internal review finds no wrongdoing

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(News 8 WROC file photo)

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.

MORE | Kodak lands $765M federal loan to develop prescription drug ingredients, aims to add 300 jobs in Rochester

Ultimately, the special committee was appointed to look into the recent activities surrounding the announcement of the potential loan.

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