The Wall Street Journal reported on Sunday that a U.S. government watchdog found no violations regarding a troubled US government loan to Eastman Kodak.
The report said that the Development Finance Corporation (DFC), which was administering the loan, told Democratic lawmakers that it found no evidence that agency officials had any conflicts of interest in the plans, and that it is not clear if the agency will go ahead with the loan.
Kodak's shares rose in September when a previous review by law firm "Akin Gump" cleared company executives of any violations. shares of photography giant have fluctuated significantly since July when it announced that it would receive a $765 million loan to help produce ingredients for potential COVID-19 vaccine.
The stock price reached $30 a share from $2 over three sessions one day before Democratic lawmakers raised concerns about potential insider trading.
Stocks jumped more than 1,000% in the weeks following the news, in part due to retail investors on the Robinhood trading app, however, investigations into the deal by federal agencies drove the stock down below $10 a share. Kodak stock ended the day at $ 7.53 a share.
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