Although the overview discovered no indicators of Kodak breaking the legislation, it did discover the corporate mishandled inventory choices granted to its CEO within the days main as much as the mortgage deal being signed.
Kodak shares had been up about 36% Wednesday afternoon.
The overview by Akin Gump concluded insider-trading legal guidelines weren’t violated, noting Kodak executives had been knowledgeable by the overall counsel that the appliance course of for the mortgage was “at a highly uncertain stage.”
However, the report did discover Kodak at fault for the early disclosure of the federal government mortgage a day earlier than it was formally introduced, however not in violation of the legal guidelines.
Kodak stated on Tuesday it plans to implement the measures and suggestions detailed within the committee’s report.
“Kodak is committed to the highest levels of governance and transparency, and it is clear from the review’s findings that we need to take action to strengthen our practices, policies, and procedures,” Kodak stated in a press release.