Eastman Kodak Alert: The Briscoe Law Firm and Powers Taylor, LLP Announce Investigation of Possible Breaches of Fiduciary Duty by the Officers and Directors of Eastman Kodak Company

DALLAS, Feb. 14, 2012 /PRNewswire/ -- Former United States Securities and United States Securities and Exchange Commission attorney Willie Briscoe, founder of The Briscoe Law Firm, PLLC, and the securities litigation firm of Powers Taylor, LLP announce that the firms are investigating legal claims against the officers and Board of Directors of Eastman Kodak Company ("Eastman Kodak") (OTC: EKDKQ.PK) related to potential securities violations between January 26, 2011 and September 23, 2011 (the "Class Period").

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If you are an affected investor and you want to learn more about the lawsuit or join the action, contact Patrick Powers at Powers Taylor, LLP, toll free (877) 728-9607, via e-mail at [email protected], or Willie Briscoe at The Briscoe Law Firm, PLLC, (214) 706-9314, or via email at [email protected].  There is no cost or fee to you.

"Recent revelations regarding the company's alleged misrepresentations about the strength of its failing business model have prompted the firms to investigate possible breaches of fiduciary duties and other violations of state law by Eastman Kodak's officers and directors.  Based on our investigation, we are prepared to pursue litigation to preserve the company and the value of Eastman Kodak stock for all shareholders, including seeking removal of certain officers and directors and monetary payments," said shareholder rights attorney Willie Briscoe.

In a recently filed federal class action complaint, Eastman Kodak and certain of its officers and directors were charged with violating the Securities Exchange Act of 1934.  Specifically, the complaint alleges that during the Class Period, defendants misrepresented or failed to disclose the following adverse facts: (a) Eastman Kodak's business model was not working – the company was unable to leverage its extensive portfolio and scale of products and services in a strategically beneficial manner; (b) Eastman Kodak's cash position was much more precarious than defendants' statements suggested; and (c) based on the foregoing, defendants lacked a reasonable basis for their positive statements about Eastman Kodak's turnaround, revenue growth rates, earnings per share, and the company's ability to deliver on its long-term growth model.

The Briscoe Law Firm, PLLC is a full service business litigation, commercial transaction, and public advocacy firm with more than 20 years of experience in complex litigation and transactional matters.

Powers Taylor, LLP is a boutique litigation law firm that handles a variety of complex business litigation matters, including claims of investor and stockholder fraud, shareholder oppression, shareholder derivative suits, and security class actions.

SOURCE Powers Taylor, LLP