RTTNews | Sep 16, 2020 10:14AM EDT

10:13 Wednesday, September 16, 2020 (RTTNews.com) - Shares of Eastman Kodak Co. (KODK) are surging almost 79 percent or $4.92 in Wednesday's morning trade at $11.15.

Akin Gump Strauss Hauer & Feld LLP, a law firm hired by a special committee of the company's board, has concluded in a report that securities transactions made by the company's chief executive Jim Continenza did not violate internal policies or the securities regulations as well as other relevant laws.

The transactions by Continenza were made around the time the company learned it could a receive a $765 million government loan.

Shares of Eastman Kodak had tumbled last week on news that the U.S. International Development Finance Corp. is halting the $765 million loan to the company to enter into generic drug manufacturing amid allegations of insider trading.

Eastman Kodak has traded in a range of $1.50 to $60.00 in the past 52 weeks.

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