James alleges that Kodak and Continenza violated New York securities law when the CEO bought 46,737 shares of the company’s stock on June 23, 2020. The trades came about a month before the stock soared on an announcement by
“Today’s order will force Mr. Continenza and Kodak’s general counsel to testify in open court, where the facts will be exposed before the American people,” James said in a statement.
In a statement, the Rochester print and chemicals company called the ruling “strictly procedural and fully expected.”
“Jim Continenza was pre-cleared to trade by the company’s general counsel,” an outside spokeswoman for Kodak said in the statement. “He did nothing wrong. We are confident that the facts and the law are on our side and are fully prepared to present our case in court.”
Jaffe’s order requires Byrd to testify on Sept. 24 and Continenza on Oct. 1. Kodak must turn over relevant documents by the end of June.
The case is James v. Eastman Kodak Co., 451652/2021, New York State Supreme Court (Manhattan).
(Adds Kodak statement in fifth and sixth paragraphs.)
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