Koss Settles Claims Against Its Former Auditor Grant Thornton
MILWAUKEE, WI -- (Marketwired) -- 07/03/13 -- Koss Corporation
(NASDAQ: KOSS), the U.S. based high-fidelity headphone company,
announced that Koss has settled the claims between Koss and its
former auditor, Grant Thornton, LLP, in the lawsuit pending in the
Circuit Court of Cook County, Illinois, County Department, Law
Division, bearing Case No. 2013 L 4011 (previously bearing Case No.
10 L 7342).
As part of the settlement, the parties provided mutual releases that
resolved all claims involved in the litigation between Koss and its
Directors against Grant Thornton, LLP. Pursuant to the settlement,
Koss received gross proceeds of $8.5 million on July 3, 2013.
"The matter has been resolved to the mutual satisfaction of the
Parties," said Michael J. Koss, President and CEO of Koss
Koss Corporation markets a complete line of high-fidelity headphones,
speaker-phones, computer headsets, telecommunications headsets,
active noise canceling headphones, wireless headphones, and compact
disc recordings of American Symphony Orchestras on the Koss Classics
This press release contains forward-looking statements. These
statements relate to future events or our future financial
performance. In some cases, you can identify forward-looking
statements by terminology such as "may," "will," "should,"
"forecasts," "expects," "plans," "anticipates," "believes,"
"estimates," "predicts," "potential," or "continue" or the negative
of such terms and other comparable terminology. These statements are
only predictions. Actual events or results may differ materially. In
evaluating forward-looking statements, you should specifically
consider various factors that may cause actual results to vary from
those contained in the forward-looking statements, such as general
economic conditions, in particular, consumer demand for the Company's
and its customers' products, competitive and technological
developments, foreign currency fluctuations, and costs of operations.
Shareholders, potential investors and other readers are urged to
consider these factors carefully in evaluating the forward-looking
statements and are cautioned not to place undue reliance on such
forward-looking statements. The forward-looking statements made
herein are only made as of the date of this press release and the
Company undertakes no obligation to publicly update such
forward-looking statements to reflect subsequent events or
circumstances. In addition, such uncertainties and other operational
matters are discussed further in the Company's quarterly and annual
filings with the Securities and Exchange Commission.
Michael J. Koss
President & CEO
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