Monster Restates Reports, Blames Stock Option Grants

Law360, New York (December 13, 2006, 12:00 AM EST) -- Monster Worldwide Inc. said Wednesday that an internal review of the company’s stock option grants found that it had overstated its profits by more than $270 million.

The company, just one of a multitude ensnared in the stock option backdating scandal, has fired one executive. Another executive resigned in light of the probe.

In a filing with the U.S. Securities and Exchange Commission, Monster restated its historical financial statements, recording a cumulative charge of $339.6 million for stock options granted between 1997 and March 31, 2003....
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