8 November 2006 — Rochester (NY): The US District Court for the Western District of New York has granted a summary judgment in favour of Eastman Kodak in a class action lawsuit brought on behalf of shareholders.
Plaintiffs filed the suit in federal court on behalf of shareholders who purchased Kodak stock between 23 April 2003 and 25 September 2003. The lawsuit alleged that Kodak failed to accurately disclose the state of its photographic film and paper business during that time period and failed to adequately inform investors of the risks associated with its business.
On 1 November 2006, the court dismissed the suit against Kodak, concluding that the allegations were insufficient to support the claims.
The court ruled that Kodak had accurately disclosed the state of its business and had clearly informed potential investors that the company’s plans were subject to risk and the nature of those risks.