Fraud Files: Koss Says Numbers Will Improve After Theft Uncovered
In the company's most recent 10-Q filed with the Securities and Exchange Commission, Koss Corp. (KOSS) stated the obvious: Now that their fraud troubles are over, they expect better financial results.
I suppose it's hard to argue with them. Indeed, if the person accused of stealing $31 million from the firm is no longer employed there, the company's numbers should certainly improve.
The company plans to restate the numbers from at least fiscal 2008, 2009 and 2010. There is no word about restating periods prior to that, although the company has indicated that the alleged theft began in fiscal 2005.