According to the docket dated April 3, 2001, on March 21, 2001, the Court entered the Memorandum and Order by U.S. District Judge Patti B. Saris granting the defendants’ motion to dismiss the complaint. The Memorandum and Order concluded that the complaint failed to allege adequate loss causation. The Court also entered that day, the Order of Dismissal by Judge Patti B. Saris, and the case was closed.

The original complaint charges Polaroid, and certain of its officers and directors with violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 as well as Rule 10b-5. Specifically, the complaint alleges that defendants issued a series of materially false and misleading statements concerning the Company's operations and operating results. Because of the issuance of a series of false and misleading statements the price of Polaroid common stock was artificially inflated during the Class Period.