03:07 PM EDT, 04/03/2024 (MT Newswires) -- Eastman Kodak ( KODK ) shares were up 3% after a former pharmaceutical executive and his relative pleaded guilty on Wednesday to insider trading, the US Attorney for the Southern District of New York said Wednesday.

Andrew Stiles, a former executive at a pharmaceutical firm, and his cousin Gray Stiles each admitted to one count of securities fraud in the US District Court for the Southern District of New York. The felony carries a maximum sentence of 20 years in prison, the attorney's office said.

The US Attorney did not disclose the name of the pharmaceutical company, but media reports suggest Andrew Stiles was an executive at Phlow, which was working with Kodak. The US Attorney said the the firm was assisting Kodak in its application for a government loan. The news resulted in Kodak stock rising as much as 2,500% above the closing price prior to the news.

Andrew and Gray profited more than $500,000 and $700,000, respectively, from the insider information, US Attorney said.

Kodak did not immediately respond to a request for comment by MT Newswires.

Price: 4.99, Change: +0.15, Percent Change: +3.15