San Diego, CA -- (SBWIRE) -- 02/13/2012 -- The Shareholders Foundation announces that a lawsuit was filed by an investor in shares of Eastman Kodak Company (PINK:EKDKQ) in the U.S. District Court for the Southern District of New York against the CEO, COO and CFO of Eastman Kodak over alleged Violations of Federal Securities Laws in connection with certain Statements prior to the bankruptcy.
Investors who purchased shares of Eastman Kodak Company (PINK:EKDKQ) between January 26, 2011 and September 23, 2011, have certain options and there are strict and short deadlines running. Deadline: April 10, 2012. Eastman Kodak investors should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
According to the complaint the plaintiff alleges on behalf of all persons who purchased or otherwise acquired the publicly traded securities of Eastman Kodak Company between January 26, 2011 and September 23, 2011, that the CEO, COO, and CFO violated the Securities Exchange Act of 1934.
Specifically the plaintiff claims that the defendants issued materially false and misleading statements regarding Eastman Kodak’s business and financial results prior to the bankruptcy and as a result Eastman Kodak’s stock traded at artificially inflated prices between January 26, 2011 and September 23, 2011, reaching a high of $3.81 per share on January 27, 2011.
Eastman Kodak’s annual Revenue fell from $10.30billion in 2007 to $7.18billion in 2010 and its Net Income of $676million for ’07 turned into a Net Loss of $687million in 2010.
Eastman Kodak Co.'s stock fell from slightly above $4 per share in the end of 2009 to less than $3 in 2010 and then under $1 per share in mid-2011 when for the first time a possible bankruptcy was first mentioned in the media which was denied by Eastman Kodak Company.
On September 11, 2011 an article entitled: Eastman Kodak: On the Road to Bankruptcy” was published. Then on September 23, 2011, Eastman Kodak Company announced it was borrowing $160 million against its credit line for general corporate purposes.
Shares of Eastman Kodak dropped $0.64, to close at $1.74 per share on September 26, 2011, a decline of nearly 27% on volume of nearly 43 million shares.
Then in mid-January Kodak filed for bankruptcy. Eastman Kodak Company shares traded at $0.55 on January 18 the day before the company filed for bankruptcy.
Those who purchased shares of Eastman Kodak Company (PINK:EKDKQ) and currently hold those Eastman Kodak (EKDKQ) shares, may have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego