Polaroid Bankruptcy Filings Raise Questions

Former shareholders of Polaroid, Inc. recently filed a securities class action against KPMG, Inc. in New York federal court alleging that the accounting firm violated industry guidelines in its 2000 audit of Polaroid’s finances, leading to misstatements in the company’s Form 10-K (prior to the declaration of bankruptcy). The Associated Press reports that bankruptcy court filings by the successor entity to Polaroid are fueling additional questions over whether funds were improperly diverted from Polaroid pension plan participants and shareholders as part of the sale of the company’s assets.

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