SEC pushes back in Koss case
The U.S. Securities and Exchange Commission has pushed back against a federal judge who questioned the adequacy of a settlement between the regulator, Koss Corp. and the company’s CEO Michael Koss.
The SEC, in a Wednesday filing, defended the agreement as “fair reasonable, adequate, and in the public interest.”
The SEC was responding to a December 2011 directive from U.S. District Court Judge Rudolph Randa that he needed more information from the SEC demonstrating the effectiveness of the agreements before he could approve them.
The SEC filed both a civil complaint and a settlement document in October 2011 on allegations the company and Michael Koss violated the Securities Exchange Act during former executive Sujata “Sue” Sachdeva’s embezzlement. [READ MORE...]
| Posted by Rich Kirchen - Senior Reporter - The Business Journal on Jan 25, 2012 | ||
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