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....
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.