Eastman Kodak: Falls after co says New York preparing insider-trading lawsuit

Eastman Kodak

18/05/2021 10:41

** Shares of photography equipment maker  KODK.N  down as
much as 5.39% at $6.5 premarket 
    ** Co says New York attorney general's office is preparing
an insider-trading lawsuit against KODK and its top executive
    ** Case focuses on stock purchases that preceded an
ill-fated deal with the Trump administration to finance a pharma
venture during the COVID-19 pandemic  urn:newsml:reuters.com:*:nL2N2N42CW
    ** The emerging civil case centers on Executive Chairman Jim
Continenza's June 23, 2020, purchase of ~47,000 Kodak shares -
KODK
    ** Trades occurred weeks before the Trump administration
unveiled a tentative agreement to lend KODK $765 mln backing
production of pharma components 
    ** Continenza did not possess material non-public info when
he purchased his shares and "did not engage in insider trading"
- KODK in a statement to Reuters
    ** Up to last close, stock down ~15% YTD 

 (Reporting by Rithika Krishna in Bengaluru)
 ((Rithika.Krishna@thomsonreuters.com;))