Kodak (NYSE:EK) Drops on Apple (NASDAQ:AAPL), RIM (Nasdaq:RIMM) Ruling

Shares of Kodak (NYSE:EK) were getting hit hard in after hours trading when news they were ruled against by the U.S. International Trade Commission concerning their patent complaint against Apple (NASDAQ:AAPL) and RIM (Nasdaq:RIMM).

The complaint revolves around whether or not Apple and Research in Motion violated digital-imaging patents held by Kodak.

This initial ruling isn't binding yet, and by May 23 the six commissioners could modify the ruling of chief administrative law judge Paul Luckern, or let his ruling stand.

Laura Quatela, Kodak's chief intellectual property officer, said she believes the company will eventually prevail, saying "We fully expect the ITC commission will ultimately rule that the patent claim at issue is valid and infringed by Apple and RIM."

Kodak has won previous cases against LG Electronics and Samsung, where they negotiated one-time combined royalty payments of almost $1 billion.

Kodak closed Monday at $5.22, gaining $0.07, or 1.36 percent.