Case Page

 

Case Status:    DISMISSED    
On or around 11/03/2006 (Date of order of final judgment)

Filing Date: June 13, 2005

According to a press release dated November 6, 2006, Eastman Kodak Company (NYSE:EK) today announced that the U.S. District Court for the Western District of New York granted summary judgment in favor of the company in a class action lawsuit brought on behalf of shareholders. Plaintiffs filed the suit in federal court on behalf of shareholders who purchased Kodak stock between April 23, 2003 and September 25, 2003. On November 1, 2006, the court dismissed the suit against Kodak, concluding that the allegations were insufficient to support the claims. The lawsuit alleged that Kodak failed to accurately disclose the state of its photographic film and paper business during that time period and failed to adequately inform investors of the risks associated with its business. The court ruled that Kodak had accurately disclosed the state of its business and had clearly informed potential investors that the company's plans were subject to risk and the nature of those risks. "We take our financial disclosure obligations very seriously," said Joyce P. Haag, General Counsel and Senior Vice President, Eastman Kodak Company. "We strive to ensure that investors -- current and potential -- fully understand the characteristics of our business, and we believe that the court's decision reflects that effort." The litigation commenced in June 2005 in federal court for the Southern District of New York. Later that month, and in August 2005, similar lawsuits were filed against Kodak in the federal court for the Western District of New York, and the cases were then consolidated in the Western District of New York.

The original Complaint alleges that Kodak and certain of its officers and directors violated federal securities laws. Specifically, the Complaint alleges that Kodak's financial guidance for the second quarter of 2003, first issued on April 23, 2003, was improper given undisclosed problems within the company. On September 25, 2003, Kodak announced that its then-existing business model had been failing throughout the Class Period and, as a result of operating difficulties, it would be forced cut its historic dividend by 72%. On this news, Kodak's stock price plummeted by 18% to an 18 year-low on September 25, 2003.

COMPANY INFORMATION:

Sector: Consumer Cyclical
Industry: Photography
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: EK
Company Market: New York SE
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: W.D. New York
DOCKET #: 05-CV-05543
JUDGE: Hon. Loretta A. Preska
DATE FILED: 06/13/2005
CLASS PERIOD START: 04/23/2003
CLASS PERIOD END: 09/25/2003
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Goldman Scarlato & Karon P.C.
    101 W. Elm Street, Suite 360, Goldman Scarlato & Karon P.C., PA 19428
    484.342.0700 484.342.0700 · info@gsk-law.com
  2. Lerach Coughlin Stoia Geller Rudman & Robbins LLP (Melville)
    200 Broadhollow, Suite 406, Lerach Coughlin Stoia Geller Rudman & Robbins LLP (Melville), NY 11747
    631.367.7100 631.367.1173 · info@lerachlaw.com
  3. Lerach Coughlin Stoia Geller Rudman & Robbins LLP (San Diego)
    401 B Street, Suite 1700, Lerach Coughlin Stoia Geller Rudman & Robbins LLP (San Diego), CA 92101
    206.749.5544 206.749.9978 · info@lerachlaw.com
  4. Schatz & Nobel, P.C.
    330 Main Street, Schatz & Nobel, P.C., CT 06106
    800.797.5499 860.493.6290 · sn06106@AOL.com
  5. Schiffrin & Barroway LLP
    3 Bala Plaza E, Schiffrin & Barroway LLP, PA 19004
    610.667.7706 610.667.7056 · info@sbclasslaw.com
No Document Title Filing Date
COURT: W.D. New York
DOCKET #: 05-CV-06326
JUDGE: Hon. Loretta A. Preska
DATE FILED: 01/20/2006
CLASS PERIOD START: 04/23/2003
CLASS PERIOD END: 09/25/2003
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Lerach Coughlin Stoia Geller Rudman & Robbins LLP (Melville)
    200 Broadhollow, Suite 406, Lerach Coughlin Stoia Geller Rudman & Robbins LLP (Melville), NY 11747
    631.367.7100 631.367.1173 · info@lerachlaw.com
  2. Lerach Coughlin Stoia Geller Rudman & Robbins LLP (San Diego)
    655 West Broadway, Suite 1900, Lerach Coughlin Stoia Geller Rudman & Robbins LLP (San Diego), CA 92101
    619.231.1058 619.231.7423 ·
  3. Schiffrin & Barroway LLP
    3 Bala Plaza E, Schiffrin & Barroway LLP, PA 19004
    610.667.7706 610.667.7056 · info@sbclasslaw.com
No Document Title Filing Date
No Document Title Filing Date