Although the review found no signs of Kodak breaking the law, it did find that the company mishandled the CEO’s stock options in the days before signing the loan agreement.
Kodak shares rose about 36% on Wednesday afternoon.
The results of the investigation were published in an 88-page report by the law firm Akin Gump Strauss Hauer & Feld on Tuesday, and the committee hired the committee to “investigate” Kodak’s stock incidents until July announcing $765 million. Federal loans for the production of pharmaceutical ingredients as part of an effort to reduce the United States’ dependence on foreign pharmaceutical manufacturers.
In the trading day after the announcement, the stock soared by 2757%, with a large trading volume. Kodak Chief Executive Jim Continenza (Jim Continenza) and other Kodak executives are under scrutiny for receiving stock options the day before the loan announcement on July 27.
Akin Gump’s review concluded that there was no violation of insider trading laws, and pointed out that the general counsel informed Kodak executives that the loan application process was “at a highly uncertain stage”.
However, the report did find that Kodak was at fault because the government loan disclosed the government̵
7;s loan in advance the day before the official announcement, but it did not violate the law.
At the same time, the transaction itself has been shelved by the US International Development Finance Corporation (US International Development Finance Corporation), and the Securities and Exchange Commission (SEC) investigated how the government transaction developed and its violent stock price movements.
Kodak said on Tuesday that it plans to implement the measures and recommendations detailed in the committee report.
Kodak said in a statement: “Kodak is committed to the highest level of governance and transparency. It is clear from the review results that we need to take action to strengthen our practices, policies and procedures.”