A former pharmaceutical executive and his cousin were charged on Thursday with insider trading in Eastman Kodak Co stock based on tips that the company was lining up a $765 million loan early in the COVID-19 pandemic to make pharmaceuticals.
Shares of Kodak last traded at $2.62 before the planned loan from the U.S. International Development Finance Corp, or DFC, was announced on July 28, 2020.
One day before the proposed loan was announced, Andrew Stiles texted his cousin "tmw," prompting Gray Stiles to respond "hot damn," the indictment said.
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