Rochester, N.Y. – A class action lawsuit was filed by a Kodak worker against Chief Executive Officer Antonio Perez, individuals on the board of directors, and managers of the company’s retirement plan.
The lawsuit, filed by attorneys from New York and Philadelphia in federal court last week, claims Kodak should not have offered employees stock as part of the Kodak Employee Stock Ownership Program and the Eastman Kodak Employees’ Savings and Investment Plan. The lawsuit claims Perez and the board knew the stock was going to lose value and the company’s financial situation was dire.
Kodak filed for bankruptcy on January 19.
The Kodak worker who filed the lawsuit is Mark Gedek. He could not immediately be reached for comment. A person who answered the phone at his lawyers’ office said the firm does not comment on ongoing litigation.
"We believe it is without merit, and will vigorously defend against it," said Kodak spokesman Christopher Veronda.
