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Eastman Kodak Beats Securities Suit Over Covid-Linked Loan Deal

Sept. 27, 2022, 8:03 PM

Eastman Kodak Co. won the dismissal of a securities lawsuit brought by investors who accused the printing company, its CEO and other executives of misleading them about a Covid-linked loan.

Investors didn’t adequately allege Kodak or its executives made misstatements or material omissions in connection with a $765 million government loan intended to help the company make generic drug ingredients, Judge Elizabeth Wolford in the US District Court for the Western District of New York said in ordering the suit dismissed.

Kodak’s shares plunged when the loan was scuttled in August 2020, following reports of possible insider trading related to ...