Iorio Altamirano LLP is investigating whether registered stockbrokers and financial advisors inappropriately recommended that customers purchase common stock of Eastman Kodak Company (KODK).
Iorio Altamirano LLP is an investor advocate law firm based in New York, NY. We help investors recover financial losses due to wrongful conduct by financial advisors and brokerage firms.
If you suffered financial losses from an investment in Kodak stock recommended to you or purchased on your behalf by a stockbroker or financial advisor, contact New York investor protection attorney August Iorio of Iorio Altamirano LLP. August Iorio, a native of Rochester, New York, can be reached at august@ia-law.com or toll-free at (855) 430-4010 for a free and confidential evaluation of your account.
Kodak Stock Volatility
Kodak stock soared nearly 3,000% in the days following President Trump’s July 28, 2020 announcement that the company would receive a now-halted $765 million government loan to produce drug ingredients at its U.S. factories.
On July 27, 2020, the day before the announcement, Kodak’s stock price closed at $2.62. Following the announcement, on July 29, 2020, the stock reached $60, as broker-dealers aggressively pushed Kodak stock to investors with promises of soaring returns. By the end of August 2020, the stock retreated to under $6 a share.
Since Labor Day, Kodak stock’s price has continued to remain volatile. In mid-September, over a three-day period, the stock price quickly doubled in value from under $6 to over $12. The stock price would subsequently fall back down to under $7 a share by the end of October 2020. Kodak’s stock price spiked again on December 7, 2020, this time nearly 100% to over $14 a share.
Best Interest
A financial advisor is required to make recommendations that are in the best interest of an investor.
Iorio Altamirano LLP is investigating whether financial advisors acted in their customers’ best interest in connection with recommendations to purchase shares of Kodak stock any time on or after July 28, 2020.
If you suffered financial losses from an investment in Kodak stock, contact Iorio Altamirano LLP for a free and confidential review of your account.