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Politics Warren asks SEC about insider trading in Trump’s Kodak pharmaceuticals announcement

13:27  04 august  2020
13:27  04 august  2020 Source:   rollcall.com

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  Kodak stock soars as former photography giant gets into the drug business Kodak stock soared Tuesday morning after it won a a $765 million US government loan to help produce pharmaceutical ingredients — part of an effort to reduce dependence on foreign drug makers. © David Becker/Getty Images Kodak's Printomatic instaprint cameras are displayed at the Kodak booth during CES 2018 at the Las Vegas Convention Center on January 10, 2018 in Las Vegas, Nevada. CES, the world's largest annual consumer technology trade show, runs through January 12 and features about 3,900 exhibitors showing off their latest products and services to more than 170,000 attendees.

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President Trump announces that Kodak will begin to manufacture pharmaceuticals under his administration' s 33rd use of the Defense Production Act. UP NEXT. NOW PLAYING: Politics. Trump : Kodak will manufacture pharmaceuticals under Defense Production Act. NBC News.

Shares of Kodak began to soar last week even before President Donald Trump’s announcement that the company was in line for a $765 million government loan to support the manufacture of pharmaceutical ingredients.

a man and a woman standing in front of a window: Sen. Elizabeth Warren, D-Mass., is questioning the timing of some Kodak stock transactions. © Provided by Roll Call Sen. Elizabeth Warren, D-Mass., is questioning the timing of some Kodak stock transactions.

But, was any of the unusual volume attributable to insider trading? That’s what Sen. Elizabeth Warren wants the Securities and Exchange Commission to explore.

Kodak shares soar 150 percent after federal government loan for drug manufacturing

  Kodak shares soar 150 percent after federal government loan for drug manufacturing Shares of Eastman Kodak soared early Wednesday after the federal government announced that the iconic camera maker would receive a loan to open pharmaceutical factories in the U.S.Kodak stock rose more than 150 percent, forcing the New York Stock Exchange to halt trading of the company's shares after they vaulted from $8 to roughly $20.The U.S International Development Finance Corp. (DFC) announced Tuesday that it would lend Kodak $765 million to launch Kodak Pharmaceuticals.

US president doesn’t name companies or treatments, but says they have arrived in London already.

Illegal insider trading refers generally to buying or selling a security , in breach of a fiduciary duty or other relationship of trust and confidence, on the basis of material, nonpublic information about the security .

“The Monday, July 27, trades are not the only questionable stock trade involving Kodak and the company’s Defense Production Act deal with the Trump administration. The Kodak chairman and other members of Kodak’s board of directors appear to have purchased substantial amounts of company stock last month, ahead of the public announcement, at a time when Kodak and the Trump administration were negotiating the deal in secret,” the Massachusetts Democrat wrote in a letter to SEC Chairman Jay Clayton.

Warren’s letter, dated Monday and shared with CQ Roll Call ahead of its public release, pointed to reporting that some of the stock trading might be attributable to disclosures by local media in upstate New York, but she suggested that should have triggered more transparency by Kodak even before the president’s announcement on July 28.

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During a July 28 press conference, President Trump announced a government loan to Kodak Pharmaceuticals to produce generic drugs within the U. S . He also

Just seven days later, Trump disclosed at a White House event that he was planning a 25 percent tariff on The stock is down nearly 9 percent in the two trading days since Trump ’ s announcement . Elizabeth Warren (D-MA) asked Clayton a prescient question: “Mr. Clayton, if Mr. Icahn had inside

“While the report may resolve questions about the individuals who purchased the stock after seeing those public disclosures, it also opens up new questions about how Kodak handled

what appears to be ‘non-intentional disclosure of material nonpublic information,’” Warren wrote.

The letter asks Clayton to determine whether the people involved in the July 27 stock trading were aware of the discussions with the White House that led to the agreement under the Defense Production Act.

“To the extent that the individuals who traded in Kodak stock were privy to any nonpublic information, how and from whom did they obtain this information? Did any individuals with knowledge of the loan deliberately or inadvertently share

information with anyone inside or outside of Kodak who was not authorized to have the information?” Warren wrote.

The president’s July 28 announcement caught many by surprise because as Trump himself said, this would be a new field for the Eastman Kodak company.

“With this new agreement, my administration is using the Defense Production Act to provide a $765 million loan to support the launch of Kodak Pharmaceuticals,” Trump said, calling the agreement, “a breakthrough in bringing pharmaceutical manufacturing back to the United States.”

The post Warren asks SEC about insider trading in Trump’s Kodak pharmaceuticals announcement appeared first on Roll Call.

Eastman Kodak's $765 million U.S. loan agreement on hold after recent allegations .
Eastman Kodak's $765 million U.S. loan agreement on hold after recent allegations(Reuters) - Eastman Kodak Co's $765 million loan agreement with the U.S. government to produce pharmaceutical ingredients has been put on hold due to "recent allegations of wrongdoing," the U.S. International Development Finance Corp (DFC) said.

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