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New York (CNN Business)Kodak (KODK) stock briefly surged more than 80% on Wednesday after a special committee's investigation found no evidence of insider trading prior to the announcement of a US government loan.

Although the review found no signs of Kodak breaking the law, it did find the company mishandled stock options granted to its CEO in the days leading up to the loan deal being signed.
Kodak shares were up about 36% Wednesday afternoon.
    The investigation's findings were released in an 88-page report on Tuesday from law firm Akin Gump Strauss Hauer & Feld, which the committee hired to conduct a probe of Kodak's stock events "leading up to and immediately following" the July announcement of a $765 million federal loan for the production of drug ingredients — part of an effort to reduce America's dependence on foreign drug makers. In the trading days that followed the announcement, shares surged as much as 2,757% with heavy trading volume. Kodak CEO Jim Continenza and other Kodak executives fell under scrutiny for receiving stock options the day before the loan's announcement on July 27. Read MoreThe review by Akin Gump concluded insider-trading laws were not violated, noting Kodak executives were informed by the general counsel that the application process for the loan was "at a highly uncertain stage." However, the report did find Kodak at fault for the early disclosure of the government loan a day before it was officially announced, but not in violation of the laws. Meanwhile, the deal itself has since been put on hold by the US International Development Finance Corporation while the Securities and Exchange Commission investigates how the government deal came to be and its wild stock ride.
      Kodak said on Tuesday it plans to implement the measures and recommendations detailed in the committee's report. "Kodak is committed to the highest levels of governance and transparency, and it is clear from the review's findings that we need to take action to strengthen our practices, policies, and procedures," Kodak said in a statement.

      News Source: CNN

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      WATCH LIVE: Louisville police chief to hold news conference in Breonna Taylor case

      The Louisville police department will hold a news conference on Tuesday morning ahead of the state attorney general’s announcement about whether he will charge officers in Breonna Taylor’s shooting death.

      Robert Schroeder, the city’s chief of police, is slated to hold the news conference at 8:45 a.m. Tuesday. The event will be livestreamed in this article; if there is not a livestream available, check back at a later time.

      On Monday, the police force said officers were setting up barricades and restricting access to downtown in preparation for the announcement.

      A statement from the department said all requests for vacation and days off were being canceled “until further notice” as the city awaits Attorney General Daniel Cameron’s announcement. “It is important to note that (Cameron) has said there is no timetable for the announcement,” the statement added.

      Cameron said earlier this month that “an investigation, if done properly, cannot follow a certain timeline.”

      “When the investigation concludes and a decision is made, we will provide an update about an announcement,” he said.

      Taylor, an emergency medical worker, was shot eight times on March 13 by officers who entered her home using a no-knock warrant during a narcotics investigation. The warrant used was connected to a suspect who did not live there, and no drugs were found inside. The use of no-knock warrants has since been banned by Louisville’s Metro Council.

      Large protests over Taylor’s death that at times became violent erupted in late May in the city but most demonstrations since then have been peaceful, including a massive march outside the Kentucky Derby earlier this month. Celebrities, athletes, activists and Taylor’s family have for months pushed Cameron to criminally charge the officers involved in the raid.

      Last week, the city of Louisville settled a lawsuit from Taylor’s family for $12 million and pledged several police reforms as part of the agreement.

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