SEC defends its settlement with Koss Corp.




In response to a federal judge who questioned its settlement in a case against Koss Corp. and CEO Michael Koss, the U.S. Securities and Exchange Commission said in a filing that the agreements “satisfy the requirements for injunctive relief” and “impose appropriate monetary relief consistent with the requirements” of the Sarbanes-Oxley law,

the

Business Journal

of Milwaukee reported.

In December, U.S. District Court Judge Rudolph Randa said he needed more information from the SEC before he could approve the settlements.

The agreement calls for Koss Corp. to institute stronger internal financial controls and for Michael Koss to reimburse the company $242,419 plus stock options pursuant to Section 304 of the Sarbanes-Oxley Act.

(Source:

Business Journal

of Milwaukee, Jan. 25, 2012.)

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