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Business Associations Keyed to Coffee, 9th Ed.
Backman v. Polaroid Corp.
Citation:
910 F.2d 10 (1990)Facts
In early 1978, Polaroid introduced Polavision, an instant movie camera system, with a multi-million dollar advertising campaign. By late 1978, sales were significantly below projections, causing Polaroid to instruct its Austrian manufacturer, Eumig, to reduce and eventually halt production. Polaroid’s Third Quarter Report to Shareholders, issued on November 5, 1978, mentioned “substantial expenses associated with Polavision” three times but maintained an overall optimistic tone about the company’s performance. On January 9, 1979, Polaroid issued a press release announcing that the Rowland Foundation (established by Polaroid’s founder) would sell 300,000 shares of Polaroid stock. On February 22, 1979, after the annual meeting, Polaroid issued another press release with more details about Polavision’s difficulties, after which the stock price dropped by approximately 20%. The plaintiffs, who purchased Polaroid stock between January 11 and February 22, 1979, claimed that Polaroid had a duty to disclose material adverse information about Polavision’s poor performance during this period.
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