David McNew | AFP | Getty ImagesEastman 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.
Prosecutors said the executive, Andrew Stiles, had been employed with a company that was working with Kodak to obtain the federal loan, and passed material nonpublic information about its progress to his cousin Gray Stiles.
The share price ballooned as high as $60 within two days, reflecting investors' surprise as the Rochester, New York-based company, known for cameras and film, sought to remake itself. The indictment described coded text messages between the defendants about the loan, including where Gray Stiles referred to it as "film we sent off a few weeks ago to get developed."
Lawyers for the defendants did not immediately respond to requests for comment. The charges were announced by U.S. Attorney Damian Williams in Manhattan.
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