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The photographic equipment maker’s stock plunged on Monday after the U.S. government blocked a $765 million loan to the company, which was going to make drug ingredients for use in possible COVID-19 vaccines, because of “alleged wrongdoing” by executives.
Kodak said on Tuesday investigations by the U.S. Congress and the Securities Exchange Commission have commenced, and could impact the outcome of the loan from the U.S. International Development Finance Corp.
Senior Democratic lawmakers had asked federal regulators to investigate securities made by the company and its executives around the time it learned it could receive the government loan.
