New York Attorney General Letitia James says a judge has ruled that Eastman Kodak Company CEO James Continenza must testify in October as part of her investigation into possible insider trading.
James says Continenza and Kodak’s general counsel will testify in open court about stock purchases he made last year, just before the U.S. International Development Finance Corporation announced it would loan Kodak $756 million to gear up for manufacture of pharmaceutical chemicals. The company’s stock boomed as a result, but the deal was put on hold days later amid allegations that Continenza and other company officials had bought up stock before the public announcement was made.
Kodak has denied any wrongdoing on the part of company officials and says it has repeatedly offered to provide evidence to the AGs office, which it says the AG declined.