Monster $2.5M slap on the wrist - Mercedes-Benz Forum

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post #1 of 1 (permalink) Old 05-18-2009, 11:06 AM Thread Starter
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Monster $2.5M slap on the wrist

That's it ? Where's the promised overhaul of Wall St ?

NEW YORK (Reuters) - Job recruiter Monster Worldwide Inc, whose former COO and president was convicted last week for a stock options backdating scheme, agreed to pay a $2.5 million fine to the U.S. Securities and Exchange Commission, the regulator said on Monday.

"Monster misled investors by failing to report hundreds of millions of dollars of expenses," said James Clarkson, acting regional director of the SEC's New York Regional Office. "Backdating stock options made the company look like it had more money than it really did."

The company was required to restate its financial results for 1997 to 2005 in a cumulative pretax amount of about $339.5 million and to record additional non-cash charges for option related compensation expenses.
Monster Worldwide agrees to $2.5 million fine | U.S. | Reuters

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