NEW YORK, Sept. 26, 2003 (PRIMEZONE) -- A class action complaint has been filed in the United States District Court for the Southern District of New York, case number 03 Civ. 7499, on behalf of all persons or entities who purchased Polaroid Corp. ("Polaroid" or the "Company") securities (OTCBB:PRDCQ) during the period between January 26, 2000 and August 9, 2001, both dates inclusive (the "Class Period"). The Complaint names KPMG LLP, Gary T. DiCamillo, Carl L. Lueders, Donald M. Halsted, William L. Flaherty, and Judith G. Boynton as defendants.
To discuss this action, this announcement, or your rights or interests, please contact plaintiff's counsel, Eric J. Belfi or Gregory Linkh at Rabin, Murray & Frank LLP, 275 Madison Avenue, New York, NY 10016, by telephone at (800) 497-8076 or (212) 682-1818, by facsimile at (212) 682-1892, or by e-mail at email@rabinlaw.com.
The Complaint alleges that defendants violated section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the Securities and Exchange Commission. In particular, the Complaint alleges that Polaroid's financial statements during the Class Period were materially false and misleading for the following reasons: (1) the improper inclusion of the deferred tax credits asset which had little or no future value; (2) the improper reversal of restructuring reserves in the fourth quarter of 2000; and (3) the improper classification of short-term debt as long-term debt. Additionally, the complaint alleges that defendant KMPG's unqualified audit opinions and quarterly reviews were false and misleading because the Company's financial statements were not prepared in accordance with GAAP or audited in accordance with GAAS.
Plaintiff is represented by the law firm of Rabin, Murray & Frank LLP. Rabin, Murray & Frank LLP and its predecessor firms have devoted its practice to shareholder class actions and complex commercial litigation for more than thirty years and have recovered hundreds of millions of dollars for shareholders in class actions throughout the United States.
If you purchased or otherwise acquired Polaroid securities during the Class Period described above, you may, no later than October 27, 2003, move the Court to serve as lead plaintiff. To serve as lead plaintiff, however, you must meet certain legal requirements. You can join this action as a lead plaintiff online at www.rabinlaw.com. Contact plaintiff's counsel Eric J. Belfi or Gregory Linkh of Rabin, Murray & Frank LLP to further discuss this action, this announcement, or your rights or interests.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca