The law firm hired by Eastman Kodak (NYSE: KODK) to independently investigate the propriety of awarding its top executives stock options just prior to announcing receipt of a major government loan (to transition to making personal protective equipment) has largely absolved the former camera and film company of any wrongdoing. The investigation concluded that while internal procedures should be updated, there was nothing wrong with Kodak issuing its CEO and others options for millions of shares the day before it announced the loan. The company had known for about for a week that it would be receiving the loan. Kodak's stock price surged 1,000% on the loan agreement, generating a potential massive windfall for the executives, but the share price subsequently cratered after the option grants were revealed, and the government put the loan on hold until a proper investigation could be completed. The Securities and Exchange Commission has launched a probe into the awards. Image source: Getty Images. Move along, nothing to see here Kodak's internal investigation found that rather than doing anything untoward in giving CEO Jim Continenza options for 1.75 million shares of stock the day before announcing the $765 million government loan, it was largely the result of an "overwhelmed" general counsel relying upon outdated policies. Even so, the report further said the transactions did not violate internal insider trading rules, though there were "gaps" in policies that kept certain executives off a list of insiders. It recommended plugging the holes to prevent a recurrence. Continenza thanked the law firm Akin Gump Strauss Hauer & Feld for its "thorough independent review" and said, "It is clear from the review's findings that we need to take action to strengthen our practices, policies, and procedures." Kodak's stock is soaring 63% on the news the chemical company's investigation cleared itself of wrongdoing. 10 stocks we like better than Eastman KodakWhen investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and Eastman Kodak wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of August 1, 2020 Rich Duprey has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.Source