RADNOR, Pa., June 21 – LAWFUEL – The Law News Network – The following statement was issuedn today by the law firm of Schiffrin & Barroway, LLP:
Notice is hereby given that a class action lawsuit was filed in the United
States District Court for the Western District of New York on behalf of all
securities purchasers of Eastman Kodak Company (NYSE: EK) (“Kodak” or the
“Company”) between April 23, 2003 and September 25, 2003 inclusive (the “Class
Period”).
If you wish to discuss this action or have any questions concerning this
notice or your rights or interests with respect to these matters, please
contact Schiffrin & Barroway, LLP (Marc A. Topaz, Esq. or Darren J. Check,
Esq.) toll-free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at
info@sbclasslaw.com.
The complaint charges Kodak, Daniel A. Carp, and Robert H. Brust with
violations of the Securities Exchange Act of 1934. More specifically, the
Complaint alleges that the Company failed to disclose and misrepresented the
following material adverse facts which were known to defendants or recklessly
disregarded by them: (1) that the Company was experiencing significant pricing
pressure from competitors; (2) that the Company’s core film and paper business
was declining; (3) that as a consequence of the foregoing, the Company was
forced to make significant cuts to its dividend to pay for substantial
restructuring expenses; (4) that the Company’s future profits would decline
due to the switch from the high-margin film products to the less profitable
digital technology; and (5) that the Company’s statements regarding its growth
and progress lacked in all reasonable basis when made.
On September 25, 2003, the Company unveiled its plans for future
development. The discussion revealed that Kodak, in order to maintain
profitability, would have to switch from the high-margin film and paper
products to the less profitable digital technology. The switch would
negatively impact Kodak’s future earnings potential. Additionally, the
restructuring of the Company would result in a substantial dividend cut. The
truth about the Company’s future prospects shocked the market. Shares of
Kodak fell $4.84 per share, or 17.93 percent, on September 25, 2003, to close
at $22.15 per share.
Plaintiff seeks to recover damages on behalf of class members and is
represented by the law firm of Schiffrin & Barroway, which prosecutes class
actions in both state and federal courts throughout the country. Schiffrin &
Barroway is a driving force behind corporate governance reform, and has
recovered in excess of a billion dollars on behalf of institutional and high
net worth individual investors. For more information about Schiffrin &
Barroway, or to sign up to participate in this action online, please visit
http://www.sbclasslaw.com.
If you are a member of the class described above, you may, not later than
August 12, 2005 move the Court to serve as lead plaintiff of the class, if you
so choose. A lead plaintiff is a representative party that acts on behalf of
other class members in directing the litigation. In order to be appointed
lead plaintiff, the Court must determine that the class member’s claim is
typical of the claims of other class members, and that the class member will
adequately represent the class. Under certain circumstances, one or more
class members may together serve as “lead plaintiff.” Your ability to share
in any recovery is not, however, affected by the decision whether or not to
serve as a lead plaintiff. You may retain Schiffrin & Barroway, or other
counsel of your choice, to serve as your counsel in this action.
CONTACT: Schiffrin & Barroway, LLP
Marc A. Topaz, Esq.
Darren J. Check, Esq.
280 King of Prussia Road
Radnor, PA 19087
1-888-299-7706 (toll-free) or 1-610-667-7706
Or by e-mail at info@sbclasslaw.com
Web Site: http://www.sbclasslaw.com
