Stull, Stull & Brody Announces Investigation on Behalf of Shareholders of Koss Corporation
(PressMethod) - Attorney Advertising. Notice is hereby given that Stull, Stull & Brody has commenced an investigation on behalf of shareholders of the common stock of Koss Corporation ("Koss" or the "Company") (Nasdaq: KOSS - News) for possible breaches of fiduciary duty and other violations of state law in connection with the Company's announcement that two members of its accounting staff made unauthorized financial transactions in an amount in excess of $20 million.
On December 24, 2009, the Company announced that its Secretary and Vice President of Finance were placed on unpaid administrative leave due to unauthorized financial transactions during the period of 2006 through the present. According to the Company, as a result of the unauthorized transactions, the Company's financial statements since at least the end of fiscal 2006 should no longer be relied upon. The Company announced that it plans to restate its financial statements for such periods as the Company's further investigation indicates but that, at this point, the Company cannot assess the potential impact on its financial statements.
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