Kodak made a lot of waves at CES, but they appear to have been pretty shady in the process.
So, unless you were living under a rock over the last few days you have no doubt heard about Kodak’s two big CES announcements regarding their own Cryptocurrency for photographers and the new Bitcoin mining service they were launching. If you didn’t hear because of the news itself, you likely heard because the announcement sent Kodak shares soaring something like 250% after the announcement.
But what you definitely didn’t hear about (and that we were only made aware of this morning via MarketWatch) was that apparently on January 8th, the day before the big announcements, seven members of Kodak’s board of directors had acquired derivative securities (which are convertible into common stock); this according to SEC filings. So, in other words, the day before this major announcement many members of the board of directors got in a position to take advantage of the growth in Kodak stock when the announcements hit the following day.