ATLANTA, Oct. 13, 2003 (PRIMEZONE) -- The Law Firm of Holzer Holzer & Cannon, LLC announced today that it has filed a class action lawsuit in the United States District Court for the Southern District of New York on behalf of purchasers of Polaroid Corporation ("Polaroid" or the "Company") (Pink Sheets:PRDCQ) publicly traded securities during the period between January 26, 2000 and August 9, 2001, inclusive (the "Class Period"). A copy of the complaint filed in this action is available from the Court, or can be obtained by e-mailing mfistel@holzerlaw.com.
The complaint alleges that defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder, by issuing numerous statements and filing quarterly and annual reports with the SEC describing the Company's financial performance. The complaint alleges that the Company's auditor, defendant KPMG, also issued unqualified audit opinions regarding the Company's financial statements during the Class Period. The complaint further alleges that as was recently disclosed in a Report issued by Perry M. Mandarino, the Court-appointed Examiner in the Polaroid bankruptcy proceeding, defendants' statements issued throughout the Class Period were materially false and misleading because defendants knew or should have known that the Company's financial condition had significantly deteriorated and was much more severe than was being represented to the public.
If you bought Polaroid publicly traded securities between January 26, 2000 and August 9, 2001, inclusive, and you wish to serve as lead plaintiff, you must move the Court no later than October 27, 2003. Any member of the purported class may move the Court to serve as lead plaintiff through Holzer Holzer & Cannon, LLC or other counsel of their choice, or may choose to do nothing and remain an absent class member. If you would like to discuss this action, or if you have any questions concerning this Notice or your rights as a potential class member, you may call or write the attorneys below.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca