Shares of Eastman Kodak (NYSE:KODK) are up in a red market on Friday after news of a decreased stake from a major investment firm on Thursday.
Kodak announced on Thursday that Southeastern Asset Management now owns 14.02 million shares of KODK stock, or a 15.8% stake in the company. This includes more than 13 million shares underlying convertible preferred stock and notes.
This is a sizable change from the 23.82 million shares — or 26.8% stake — Southeastern held as of Aug. 31.
Additionally, the Klein Law Firm announced a lead plaintiff deadline of Oct. 13 for a class-action lawsuit filed against Eastman Kodak last month. According to the release, the suit claims that Kodak gave executive chairman and CEO James Continenza and other company insiders “millions of dollars’ worth of stock options immediately prior to the Company publicly disclosing that it had received the $765 million loan, which Defendants knew would cause Kodak’s stock to immediately increase in value once the deal was announced.”
This is another occurrence to keep in mind over the next month if you hold shares or interest in KODK stock.
KODK stock was 7.7% as of Friday afternoon.
On the date of publication, Nick Clarkson did not have (either directly or indirectly) any positions in the securities mentioned in this article.
Nick is a web editor at InvestorPlace.
Article printed from InvestorPlace Media, https://investorplace.com/2020/09/kodak-news-why-kodk-stock-is-surging-again-today/.
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