Koss Corp. (KOSS) said that following the discovery of unauthorized financial transactions, Sujata Sachdeva, the company's Vice President of Finance and Secretary, has been terminated. Sachdeva served as the company's Principal Accounting Officer. Also, two members of the company's accounting staff who served under Sachdeva were placed on unpaid administrative leave.
The scope of the company's previously disclosed internal investigation of unauthorized financial transactions has been expanded to include fiscal years since 2006 and to the present. Preliminary estimates indicate that the amount of unauthorized transactions since fiscal year 2006 through the present may exceed $20 million, but at this point the company and its advisors cannot assess the potential impact on its financial statements or identify the extent that specific fiscal periods may be affected. Nor can the Company and its advisors yet assess the extent of the possible offsets through insurance, asset recoveries and other mechanisms related to the unauthorized transactions.
As a result, the company has concluded that its previously issued financial statements at least since the end of its 2006 fiscal year should no longer be relied upon. The company plans to restate its financial statements for such periods as further investigation indicates.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.