SHAREHOLDER ALERT: Rigrodsky & Long, P.A. Reminds Investors of FE and KODK of Upcoming Deadlines
WILMINGTON, Del., Aug. 18, 2020 (GLOBE NEWSWIRE) — Rigrodsky & Long, P.A. reminds investors of upcoming deadlines involving securities fraud class action lawsuits commenced against the following companies:
FirstEnergy Corp. (NYSE: FE)
Class Period: February 21, 2017 – July 21, 2020
Lead Plaintiff Deadline: September 28, 2020
According to the Complaint, on July 21, 2020, federal agents announced the arrest of Householder and four other persons, including a prominent FirstEnergy lobbyist, in connection with a $60 million racketeering and bribery scheme. The 82-page criminal complaint and affidavit detailed an alleged pay-to-play scheme in which FirstEnergy corrupted every facet of the legislative process in order to ensure the passage of HB6, including defending the bill against a citizens’ ballot initiative. Prosecutors described the case as involving the “largest bribery, money-laundering scheme” in Ohio history.
To learn more, visit: https://rl-legal.com/cases-firstenergy-corp.
Eastman Kodak Company (NYSE: KODK)
Class Period: July 27, 2020 – August 7, 2020
Lead Plaintiff Deadline: October 13, 2020
According to the Complaint, on July 28, 2020, the price of Kodak’s shares jumped 200%, from $2.62 per share on July 27, 2020 to $7.94 per share, following news that the Company had won a $765 million government loan from the U.S. International Development Finance Corporation (“DFC”) under the Defense Production Act (“DPA”) to produce pharmaceutical materials, including ingredients for COVID-19 drugs. Shares continued to surge by over 300% the next day to close at $33.20 per share on July 29, 2020. This massive stock price increase allowed Defendant Continenza and other Kodak insiders to enrich themselves spectacularly from the compensation scheme, as their stock options were now very much “in the money.”
Then, on August 5, 2020, several Congressional committees sent a joint letter to Defendant Continenza seeking documents about the loan, insider trading, and stock options for their review of “DFC’s decision to award this loan to Kodak despite your company’s lack of pharmaceutical experience and the windfall gained by you and other company executives as a result of this loan” which raised “questions that must be thoroughly examined.” The committees also sent a document request to the DFC’s Chief Executive Officer on the same day, inquiring about the Kodak loan, which the letter noted was “an organization that was on the brink of failure in 2012 and was unsuccessful in its previous foray into pharmaceutical manufacturing.”
Finally, in response to increasing public awareness and Congressional and regulatory scrutiny of Kodak’s fraudulent scheme, the DFC paused the deal. On August 7, 2020, after the market closed, the DFC announced, “On July 28, we signed a Letter of Interest with Eastman Kodak. Recent allegations of wrongdoing raise serious concerns. We will not proceed any further unless these allegations are cleared.”
To learn more, visit: https://rl-legal.com/cases-eastman-kodak-company.
If you would like to discuss any of these lawsuits and your rights cost and obligation free, please contact Seth D. Rigrodsky or Timothy J. MacFall toll-free at (888) 969-4242 or by e-mail at email@example.com.
A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Any member of the proposed class may move the court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
Rigrodsky & Long, P.A., with offices in Delaware and New York, has recovered hundreds of millions of dollars on behalf of investors and achieved substantial corporate governance reforms in securities fraud and corporate class actions nationwide.
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