BOSTON — Polaroid Corp. has been found liable for damages that could amount to $30 million in a suit involving allegations that company officials sold stock without revealing information about the company's problems.
A six-person jury in U.S. District Court here reached its decision after one day of deliberations. The amount of damages will be decided in a separate trial scheduled to begin this week.
Samuel A. Yanes, Polaroid director of corporate communications, said the verdict would be appealed.
The civil suit was brought against Polaroid by Irving Backman, a Boston securities trader, who claimed that Polaroid officials and founder Edwin Land should have given more notice of problems with the company's ill-fated Polavision instant movie system.
Yanes said the suit centered on the public information provided about Polavision during fiscal 1978, the company's best financial year, but he said the company had several times announced that Polavision was a drain on earnings.