Case Page

 

Case Status:    SETTLED
On or around 05/08/2013 (Other)

Filing Date: January 15, 2010

According to a press release dated January 15, 2010, a class action lawsuit was filed in the United States District Court for the Eastern District of Wisconsin against Koss Corp. (NASDAQ: KOSS). The complaint alleges violations of federal securities laws, Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5, including allegations of issuing a series of material misrepresentations to the market which had the effect of artificially inflating the market price. The class period is from July 12, 2005 through December 21, 2009.

On May 13, 2010, Judge Lynn Adelman signed the Order granting the motion to appoint David A. Puskala as lead plaintiff and approved lead plaintiff's selection of he law firm Glancy Binkow & Goldberg LLP is approved as Lead Counsel for the purported class with Ademi & O'Reilly as Liaison Counsel. On September 10, 2010, the lead plaintiff filed an Amended Class Action Complaint, adding the company's independent auditor as a named defendant in the action. The defendants filed two motions to dismiss the Amended Complaint on October 25, 2010.

According to the Decision and Order dated July 28, 2011, it is ordered that Koss Corporation and the company CEO’s motion to dismiss is granted in part and denied in part. The § 10(b) and Rule 10b-5 claim against the company CEO is dismissed. The § 10(b) and Rule 10b-5 claim against Koss Corporation and the § 20(a) claim against the company CEO survive. it is further ordered that Grant Thornton LLP’s motion to dismiss is granted.

On March 9, 2012, the Court issued an Order Preliminarily Approving Settlement
And Providing For Notice Of Proposed Settlement.

On July 10, 2012, the Court issued a Final Judgment and Order of Dismissal with Prejudice.

COMPANY INFORMATION:

Sector: Consumer Cyclical
Industry: Audio & Video Equipment
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: KOSS
Company Market: NASDAQ
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: E.D. Wisconsin
DOCKET #: 10-CV-00041
JUDGE: Hon. Rudolph T Randa
DATE FILED: 01/15/2010
CLASS PERIOD START: 07/12/2005
CLASS PERIOD END: 12/21/2009
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Ademi & O'Reilly, LLP
    3620 East Layton Ave., Ademi & O'Reilly, LLP, WI 53110
    866-264-3995 414-482-8001 · inquiry@ademilaw.com
  2. Glancy Binkow & Goldberg LLP (Los Angeles)
    1801 Ave. of the Stars, Suite 311, Glancy Binkow & Goldberg LLP (Los Angeles), CA 90067
    310.201.915 310. 201-916 · info@glancylaw.com
  3. Howard G. Smith, Attorney at Law
    3070 Bristol Pike, Suite 112, Howard G. Smith, Attorney at Law, PA 19020
    215.638.4847 215.638-4867 ·
No Document Title Filing Date
COURT: E.D. Wisconsin
DOCKET #: 10-CV-00041
JUDGE: Hon. Rudolph T Randa
DATE FILED: 09/10/2010
CLASS PERIOD START: 07/12/2005
CLASS PERIOD END: 12/21/2009
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Glancy Binkow & Goldberg LLP (Los Angeles)
    1801 Ave. of the Stars, Suite 311, Glancy Binkow & Goldberg LLP (Los Angeles), CA 90067
    310.201.915 310. 201-916 · info@glancylaw.com
No Document Title Filing Date