Regulators are said to be investigating why Kodak announced the loan the day before the official announcement, which raised shares by 25%. The Journal said a local television station from Kodak’s home in Rochester, New York, issued a media advisory of the upcoming announcement.
Kodak, in a statement to CNN Business, said it has no plans to make those details public until July 28. However, the Journal reported that Kodak did not give the TV station an embargo on the ad.
The Journal noted that the investigation is at an early stage and may not produce allegations of wrongdoing by the company or any individual. The SEC did not immediately respond to a request for comment.
In response to Warren’s letter, Kodak said it intended to “cooperate fully with any potential investigation.”