Grant Thornton Leaves Koss Corp. Embezzlement Suit

Law360, New York (August 2, 2011, 4:41 PM EDT) -- A Wisconsin federal judge on Thursday dismissed Grant Thornton LLP from a shareholder class action alleging the accounting firm failed to catch an imprisoned former Koss Corp. executive's $34 million embezzlement, but kept alive claims against the headphone manufacturer and its CEO.

The shareholder who filed the class action, David A. Puskala, maintains that while Grant Thornton, Koss Corp. and company chief Michael J. Koss were unaware of the fraud committed by former vice president Sujata "Sue" Sachdeva, they were liable and reckless in signing off...
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