Defendant Name:
Koss Corporation
Defendant Type:
Public Company
SIC Code:
3651
CUSIP:
50069210
Initial Case Details
Legal Case Name
SEC v. Koss Corporation and Michael J. Koss
First Document Date
24-Oct-2011
Initial Filing Format
Civil Proceeding
Case Number
11-cv-00991
Allegation Type
Issuer Reporting and Disclosure
Federal District Court
Wisconsin, Eastern District of Wisconsin
Violations Alleged
Additionally,
Michael J. Koss is alleged to have aided and abetted Koss Corporation's violation of Rule 12b-20 of the Exchange Act.
Michael J. Koss is alleged to have aided and abetted Koss Corporation's violation of Sec 13(a) of the Exchange Act.
Michael J. Koss is alleged to have aided and abetted Koss Corporation's violation of Rule 13a-1 of the Exchange Act.
Michael J. Koss is alleged to have aided and abetted Koss Corporation's violation of Rule 13a-11 of the Exchange Act.
Michael J. Koss is alleged to have aided and abetted Koss Corporation's violation of Rule 13a-13 of the Exchange Act.
Michael J. Koss is alleged to have aided and abetted Koss Corporation's violation of Sec 13(b)(2)(A) of the Exchange Act.
Michael J. Koss is alleged to have aided and abetted Koss Corporation's violation of Sec 13(b)(2)(B) of the Exchange Act.
Resolutions
First Resolution Date
24-Oct-2011
Related Documents:
Complaint
The SEC filed a complaint on October 24, 2011. The SEC alleged that Koss prepared materially inaccurate "financial statements, books and records" and that Koss had a "lack of adequate internal controls from fiscal years 2005 through 2009." In particular the SEC alleged that "Sujata Sachdeva ("Sachdeva"), Koss's former Principal Accounting Officer, Secretary and Vice-President of Finance, and Julie Mulvaney ("Mulvaney"), Koss's former Senior Accountant, engaged in a wide-ranging accounting fraud to cover up Sachdeva's embezzlement of over $30 million from Koss."
SEC Files Complaint and Proposed Settlement Against Koss Corporation and Michael J. Koss, its CEO and Former CFO, Who has Agreed to Reimburse Incentive-Based Compensation
On October 24, 2011, the SEC issued a litigation release describing the complaint against Koss Corporation and Michael J. Koss.
Final Judgment as to Defendant Koss Corporation
On January 2, 2015, the Court entered Final Judgment as to defendant Koss Corporation. Koss Corporation consented to the entry of the Final Judgment without admitting or denying the allegations of the SEC's complaint.
District Judge Approves SEC Settlement with Koss Corporation and Michael J. Koss, Its CEO and Former CFO
On March 9, 2012, the SEC announced that: "On February 22, 2012, the Honorable Rudolph T. Randa, U.S. District Judge for the Eastern District of Wisconsin, approved the settlement of the Securities and Exchange Commission's Complaint against Koss Corporation ('Koss'), located in Milwaukee, Wisconsin, and Michael J. Koss, its CEO and former CFO. The case is based on Koss Corporation's preparation of materially inaccurate financial statements, book and records, and lack of adequate internal controls from fiscal years 2005 through 2009."
Other Defendants in Action:
