Kodak: New York AG Is Getting Ready to Sue Us for Alleged Insider Trading Ahead of Trump Deal

Eastman Kodak is about to get hit with an insider trading lawsuit by the New York Attorney General's office, according to a Reuters report. The suit will reportedly center on a series of stock purchases made by Kodak's Executive Chairman Jim Continenza, who bought nearly 50,000 shares in the company in June 2020, just weeks before the Trump administration announced a deal that would give the camera giant $765 million under the Defense Production Act to support the production of pharmaceutical materials critical to fighting the pandemic. The announcement caused Kodak's stock shares to temporarily skyrocket in value. Continenza's position at the company may have given him prior knowledge of the agreement, investigators say. A Kodak rep denied allegations that Continenza knew of the Trump admin deal when he made his stock purchases and claimed that Continenza "did not engage in insider trading."