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Eastman Kodak Company (OTC: EKDKQ) Investor Securities Class Action Lawsuit 02/10/2012

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Lawsuit Overview

Case Dismissed
Company
Eastman Kodak Company
Security
OTC: EKDKQ

Case Name
Eastman Kodak Shareholder Class Action Lawsuit 02/10/2012
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Southern District of New York

Class Period Begin
Class Period End
Deadline To File for Lead
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Summary

June 6, 2013 - The case was dismissed.

April 25, 2013 - The court granted defendants' motion to dismiss.

February 7, 2013 - Defendants filed a motion to dismiss.

January 23, 2013 - A second amended complaint was filed.

January 15, 2013 - The court granted the defendants' motion to dismiss. The plaintiffs were given leave to amend the complaint.

November 8, 2012 - The court granted defendants' motion to dismiss.

July 2, 2012 - A motion to dismiss the amended complaint was filed.

June 1, 2012 - An amended complaint was filed.

February 10, 2012 - An investor in shares of Eastman Kodak Company (OTC: EKDKQ) field a lawsuit in the U.S. District Court for the Southern District of New York against the CEO, COO and CFO of Eastman Kodak Company over alleged Violations of Federal Securities Laws in connection with certain Statements prior to the bankruptcy.

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 Company’s business and financial results prior to the bankruptcy and as a result Eastman Kodak Company’s (OTC: EKDKQ) 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 Company’s annual Revenue fell from $10.30 billion in 2007 to $7.18 billion in 2010 and its Net Income of $676 million for 2007 turned into a Net Loss of $687 million in 2010. Eastman Kodak Company's (OTC: EKDKQ) 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 Company: 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 Company (OTC: EKDKQ) 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 Eastman Kodak Company filed for bankruptcy. Eastman Kodak Company (OTC: EKDKQ) shares traded at $0.55 on January 18, 2012 the day before the company filed for bankruptcy.