Goodkind Labaton Rudoff & Sucharow LLP and The Jacob D. Fuchsberg Law Firm, LLP filed a class action lawsuit on August 26, 2003 in the United States District Court for the Southern District of New York (the “Court”), on behalf of all purchasers of the securities of Polaroid Corporation (“Polaroid” or the “Company”) (OTC Bulletin Board: PRDCQ) during the period April 2, 2001 to August 16, 2001, inclusive (the “Class”).
Specifically the complaint alleges that Polaroid’s year end 2000 and first quarter 2001 financial statements were false and misleading due to: (i) the improper inclusion of deferred tax credits that had little or no future value; (ii) the improper reversal of reserves in the fourth quarter of
2000; and (iii) the failure of the Company to properly classify its debt as short-term. In addition, the unqualified audit and review opinions issued by KPMG during the Class Period were false and misleading due to the foregoing GAAP violations and KPMG’s failure to issue a “going concern” qualification.
