SOURCE: Concord Camera Corp.

June 27, 2008 17:26 ET

Concord Camera Corp. Announces Court Approval and Dismissal of Securities Class Action and Shareholder Derivative Action Litigations

HOLLYWOOD, FL--(Marketwire - June 27, 2008) - Concord Camera Corp. ("Concord" or the "Company") (NASDAQ: LENS) today announced that on June 19, 2008, the United States District Court for the Southern District of Florida issued its final approval of the Stipulations and Agreements of Settlement in the securities class action suit filed in September 2004 against the Company and certain of its current and former officers (Stephen J. Mazur v. Ira B. Lampert, Harlan Press, Richard M. Finkbeiner, Brian F. King and Concord Camera Corp. (United States District Court for the Southern District of Florida, Case No.: 04-61159-CIV-LENARD/KLEIN)) and the related shareholder derivative action suit filed in November 2004 against certain of the Company's current and former officers and directors (Paul J. Nieman v. Ira B. Lampert, Ronald S. Cooper, Morris H. Gindi, J. David Hakman, William J. O'Neill, Jr., Harlan Press and Richard M. Finkbeiner and Concord Camera Corp. (United States District Court for the Southern District of Florida, Case No.: 05-60574-CIV-LENARD/KLEIN)) and dismissed both actions with prejudice. As previously disclosed, the Company sought coverage from its insurance carrier for these lawsuits under its directors' and officers' liability insurance policy and the insurance carrier defended the actions under a reservation of rights. The agreed upon settlement amounts were within the policy limits and the insurance carrier has agreed to pay such amounts.

About Concord Camera Corp.

Concord Camera Corp., through its subsidiaries, is a global provider of easy-to-use single-use and traditional film cameras. Concord currently markets and sells its cameras on a private-label basis and under the POLAROID and POLAROID FUNSHOOTER brands through in-house sales and marketing personnel and independent sales representatives. The POLAROID trademark is owned by Polaroid Corporation and is used by Concord under license from Polaroid. The FUNSHOOTER trademark is a registered trademark of Concord Camera Corp. in the United States and other countries. Learn more about Concord Camera Corp. at www.concord-camera.com.

Except for the historical information contained herein, statements in this press release are forward looking and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that forward-looking statements involve risks and uncertainties that may affect the Company's business and prospects, including the risks discussed under "Risk Factors" and disclosures in the Company's Annual Report on Form 10-K for the fiscal year ended June 30, 2007 and subsequently filed reports. Such forward-looking statements include, without limitation, statements regarding coverage from our insurance carrier in connection with these litigations and the insurance carrier's payment of the settlement amounts. Actual results could differ materially from these forward-looking statements. Factors that could result in these forward-looking statements being inaccurate include, among other things, the insurance carrier's denial of coverage and other factors and uncertainties that affect the Company. Any forward-looking statements contained in this press release represent the Company's estimates only as of the date hereof, or as of such earlier dates as are indicated, and should not be relied upon as representing its estimates as of any subsequent date. Although the Company may elect to update forward-looking statements in the future, it disclaims any intent or obligation to do so, even if its estimates change.

Contact Information

  • CONTACT:
    Concord Camera Corp.
    Blaine Robinson
    Vice President - Finance and Treasurer
    (954) 331-4238