September 20, 2020

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Law agency finds no wrongdoing in Kodak Pharma Deal

Sep 16, 2020 | ,

WASHINGTON, D.C. — New details have emerged from an internal review of the circumstances surrounding the massive Kodak pharmaceutical deal, and allegations of insider trading and wrongdoing by members of the executive staff and board.

Kodak’s board retained a Washington, D.C. law and lobbying firm to investigate those claims. That investigation is happening at the same time as a congressional House oversight probe into the allegations.

The report was released Tuesday. It says the company, its officers and senior directors did not violate laws or regulations in their dealings, and did not violate any Kodak policies.

The summary says a board member and CEO Jim Continenza got pre-clearance for the trades that have since been scrutinized.

And information released to local media the day before the deal went public was released in error by an under-trained team.

The report calls for the company to strengthen its internal legal team, improve training for members of the board regarding insider trading policies, and re-train its public relations and media team, as well as diversifying its board.

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