Koss Corp. of Milwaukee has announced that shareholders and their attorneys will receive $1 million to settle a lawsuit stemming from an embezzlement scandal involving former VP of finance Sujata Sachdeva. The action settles lawsuits filed by the U.S. Securities and Exchange Commission and a separate class-action suit filed on behalf of Koss shareholders, which cited the filing of false public financial statements. Stock prices for the headphone manufacturer plummeted after it was disclosed that Sachdeva, who is serving an 11-year federal prison term, stole $34 million from the company between 1997 and December of 2009.
Koss Shareholders to Receive Settlement Over Embezzlement Scandal
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