Koss Corporation’s SEC Settlement May Get Rakoff’d [But it Didn’t]

Accounts receivable

Koss Corporation has had a horrendous couple of years:  a $30 million accounting embezzlement; its former Principal Accounting Officer sentenced to 11 years; and a related SEC Complaint in October alleging that the Company prepared materially inaccurate financial statements and lacked adequate internal accounting controls.

Things brightened a bit when Koss, and its co-defendant, CEO Michael Koss, agreed to settle with the SEC.  They filed the settlement with federal Judge Randa in Wisconsin, no doubt hoping for swift court approval so the Company can get on with the business of selling headphones.  That didn’t happen. [Read more…]

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