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In re Eastman Kodak Co. Sec. Litig.

Court Appoints Entities as Lead Plaintiff in Securities Class Action Against Kodak

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DECISION AND ORDER INTRODUCTION This lawsuit consists of two consolidated matters, one of which was filed in the United States District Court for the District of New Jersey on August 13, 2020 (Tang v. Eastman Kodak Co., 6:21-cv-6418), and the other in the Southern District of New York on August 26, 2020 (McAdams v. Eastman Kodak Co., 6:21-cv-6449). Both matters were transferred to this District on or about May 28, 2021 and June 15, 2021, respectively. Pursuant to a stipulation of the parties and approved by Order of the Court entered June 22, 2021, the matters were consolidated for all purposes into one action and denominated “In re Eastman Kodak Company Securities Litigation” with the case number from the Tang action assigned; the McAdams case was administratively terminated; and a directive was entered that any subsequently filed actions arising out of the same subject matter of this action be consolidated. (Dkt. 891). When the cases were transferred, both had multiple motions pending for the appointment of lead plaintiff. For the reasons set forth below, the Court grants the motion filed by Les Investissements Kiz Inc. (“Kiz Inc.”) and UAT Trading Service, Inc. (“UAT”) (Dkt. 27) and appoints those entities as lead plaintiff and Kaplan Fox & Kilsheimer LLP and Labaton Sucharow LLP as lead counsel. The remaining pending motions for appointment as lead plaintiff are denied. (Dkt. 18; Dkt. 31). BACKGROUND I. Factual Background Plaintiffs commenced this federal securities class action against Eastman Kodak Company (“Kodak”) and certain of its former officers and directors. (Dkt. 1 at

1, 2). The complaint alleges that in a July 27, 2020 statement to media outlets, Kodak announced a “new manufacturing initiative” with the United States International Development Finance Corporation (“DFC”) involving a response to the COVID-19 pandemic. (Id. at

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