Aug 11, 2020
It's a Kodak Moment for sure! On July 28 of 2020, Kodak
announced it was allegedly getting a $765 million loan from the US
Government to aid it in producing drug ingredients.
What happened next was obvious - the news about this federal support led to its stock to explode by 2,190% the next day. But this was not the end of the excitement as the SEC, or US Securities and Exchange Commission, then announced that it was investigating the firm on its extraordinary stock growth and whether any insider trading took place, as shares traded up 26% in the market immediately before the announcement was made public. After this podcast aired, the Kodak share price crashed by over 30%, as it was announced that the $765 million loan was put on ice, pending investigation. But don't forget, in 2018 Kodak went into crypto with their KodakCoin and their Kodak KashMiner, which weirdly enough was not to be integrated with and mine their KodakCoin – it mined Bitcoin. In 2018, when they released the news about their crypto, blockchain, and mining endeavors, Kodak's stock prices rose almost 120 percent. So what is Kodak up to? Join me, Aviva Ounap, and Jonathan Dunsmoor of Dunsmoor Law as we look at Kodak, their disconnected and seemingly erratic business movements, and discuss whether are they about to fall foul of the SEC with allegations of insider trading. Listen today!
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