The company’s CFO, David Bullwinkle, said on Tuesday the company’s “controls were inadequate with regard to the timely input and verification of master data updates for equity grants and therefore, resulted in errors or misstatements in employee equity account balances”.
He failed to offer clarity on when the options had been exercised, which seems like a very relevant question given that Kodak shares went from “completely off the radar” to “number one momentum stock in the market” after it announced on July 28 it was nearing a deal with the U.S. to help become a generic drug manufacturer.
As part of the deal, Kodak was to receive a $765 million loan from the U.S. government. Kodak stock soared, rising 15x after the announcement.
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