According to the Complaint, Eastman Kodak Company is a technology company that provides hardware, software, consumables, and services to customers in commercial print, packaging, publishing, manufacturing, and entertainment.

The Complaint alleges Defendants failed to disclose that the Company had granted an individual Defendant and several other Company insiders millions of dollars’ worth of stock options, immediately prior to the Company publicly disclosing that it had received a $765 million loan from the DFC to produce drugs to treat COVID-19, which Defendants knew would cause Kodak’s stock to immediately increase in value once the deal was announced. It is further alleged that while in possession of this material non-public information, individual Defendant and other Company insiders purchased tens of thousands of the Company’s shares immediately prior to the announcement, again at prices that they knew would increase exponentially once news of the loan became public. As a result of the foregoing, Defendants’ statements about Kodak’s business, operations, and prospects were false and misleading and/or lacked a reasonable basis when made. As a result of this fraudulent scheme, Defendants artificially inflated the Company’s stock price throughout the Class Period and made investment decisions based on material, nonpublic information derived from their positions at Kodak.

On May 27, 2021, the Court issued an Order transferring this case to the Western District of New York.

The Court issued an Order consolidating cases on June 22, 2021. All future docketing was ordered to be done in the lead case 21-CV-06418.

On August 2, 2021, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed a consolidated Complaint on October 1. On December 14, Defendants filed a Motion to Dismiss the consolidated Complaint.

On September 27, 2022, the Court issued an Order granting Defendants' Motion to Dismiss. The Clerk of Court was directed to close the case.

Lead Plaintiffs filed a notice appealing the Court's Dismissal Order on October 27, 2022. The appeal was voluntarily withdrawn on January 28, 2023.