Koss Advises Court of Settlement in Principle of Shareholder Derivative Case
MILWAUKEE, WI -- (Marketwire) -- 05/20/11 -- Koss Corporation (NASDAQ: KOSS), the U.S. based high-fidelity stereophone company, along with the Plaintiffs and the individual Koss Director Defendants in the Shareholder Derivative action pending in the Circuit Court of Milwaukee County, Wisconsin, submitted a Joint Report advising the Court that these parties have reached an agreement in principle for the settlement of the claims asserted against the individual Koss Director Defendants.
Among other things, the agreement in principle contemplates, subject to the Court's approval: (i) the dismissal with prejudice of the claims asserted by Plaintiffs, derivatively, on behalf of Koss Corporation, against the individual Koss Director Defendants, and (ii) a dismissal without prejudice as to claims asserted in the Shareholder Derivative action against Defendants Grant Thornton LLP and Sujata Sachdeva, in deference to a pending action against Grant Thornton LLP and Sujata Sachdeva brought by Koss Corporation in Chicago, Illinois.
The Joint Report further stated that Plaintiffs and the individual Koss Director Defendants are preparing formal settlement documentation and will be submitting such documentation to the Court for approval shortly.
Koss Corporation markets a complete line of high-fidelity stereophones, speaker-phones, computer headsets, telecommunications headsets, active noise canceling stereophones, wireless stereophones, and compact disc recordings of American Symphony Orchestras on the Koss Classics label.
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Michael J. Koss
President & CEO