Audio headphone-maker, Koss Corp. (KOSS) announced, Monday its plans to restate results for fiscal 2008 and 2009, and plans to conduct an internal investigation as far back as June 30, 2005, after firing its former vice president of finance and secretary for embezzlement.
The former company executive, Sujata Sachdeva, allegedly used $4.5 million in unauthorized company funds to pay off personal items charged to her credit card, according to a report in the Wall Street Journal.
The company said it will recover much of the funds through the sale of the merchandise purchased by Sachdeva, merchandise law enforcement says includes at least 22,000 items comprised of "high-end women's clothing, shoes, handbags, and jewelry," the company said in a release.
Audio headphone-maker, Koss Corp. (KOSS) announced, Monday its plans to restate results for fiscal 2008 and 2009, and plans to conduct an internal investigation as far back as June 30, 2005, after firing its former vice president of finance and secretary for embezzlement.
The former company executive, Sujata Sachdeva, allegedly used $4.5 million in unauthorized company funds to pay off personal items charged to her credit card, according to a report in the Wall Street Journal.
The company said it will recover much of the funds through the sale of the merchandise purchased by Sachdeva, merchandise law enforcement says includes at least 22,000 items comprised of "high-end women's clothing, shoes, handbags, and jewelry," the company said in a release.
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