Remember last month when Koss decided to file their 10-Q without financial statements? At the time the company said it was "due to delays relating to certain previously disclosed unauthorized transactions.” In other words, we got ripped off so bad that we're restating financial statements for half a decade and it isn't exactly something you can whip up like a batch of maui wowie brownies. The Nasdaq has taken note of the slight delay and has said if you don't get us numbers by June 30, you'll be on the pink sheets with the likes of Lehman Brothers. CEO Michael Koss has assured everyone that it won't come to this but obviously we'll have to wait until the SEC posts the filing. If that doesn't happen, you'll be able to add "Koss Delisted by Nasdaq" to Suz's list of destructive accomplishments. Koss gets warning from Nasdaq [Milwaukee Business Journal]
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What Was the Emergency Meeting at Grant Thornton’s Cleveland Office All About?
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After Grant Thornton sprung into layoffs ahead of everyone else (based on what we’ve heard anyway) on Tuesday, the Cleveland audit practice leader apparently arranged an impromptu sit-down to discuss some things, among them, the headcount.
From an accountant close to the situation:
They let go of an A2 on Tuesday also. The audit practice leader then called an emergency audit dept meeting referring to us as “inventory” and that they were “managing the pipeline.”
We left another message with GT Cleveland to see if we could get a copy of the minutes or something but no one is calling us back.
Regardless, we get the “inventory” analogy but in this case, the inventory happens to have rent/mortgage and possibly a cocker spaniel or other human beings to feed. But seriously, we still get the analogy.
Taking it a step forward, was the “inventory” all that was discussed? Something else could have come up, say Stephen Chipman’s blog? Speculating about the whereabouts of Gabriel Azedo? Arguing over Indians tickets for Monday? Any other ideas? Discuss or let us know.