Defendant Name:
Monster Worldwide, Inc.
Defendant Type:
Public Company
SIC Code:
7311
CUSIP:
61174210
Initial Case Details
Legal Case Name
SEC v. Monster Worldwide, Inc.
First Document Date
18-May-2009
Initial Filing Format
Civil Proceeding
Case Number
09-cv-04641
Allegation Type
Issuer Reporting and Disclosure
Federal District Court
New York, Southern District of New York
Violations Alleged
•
Sec 17(a) (Not specified)
Resolutions
First Resolution Date
18-May-2009
Headline Total Penalty and Disgorgement
$2,500,000
Related Documents:
Complaint
The SEC stated: "From at least 1997 through April 2003, certain executives and employees of
Monster, a New York employment company, participated in a fraudulent stock option backdating
scheme. As a result of this conduct, Monster's periodic filings and proxy statements falsely
portrayed Monster's stock options as having been granted at exercise prices equal to the fair
market value of Monster's common stock on the date of the grant, when, in fact, Monster was
granting in-the-money options. "
SEC Charges Monster Worldwide Inc. for Options Backdating Scheme
The SEC stated that: "[It]charged
Monster Worldwide, Inc., for its multi-year scheme to secretly backdate
stock options granted to thousands of Monster officers, directors and
employees. Monster agreed to pay a $2.5 million penalty to settle the SEC's
charges that the company defrauded investors by granting backdated,
undisclosed "in-the-money" stock options while failing to record required
non-cash charges for option-related compensation expenses."
2009-113
18-May-2009
Press Release--Civil Action
SEC Charges Monster Worldwide Inc. for Backdating Scheme
The SEC stated that: "[It] charged employment search provider Monster
Worldwide, Inc. for its multi-year scheme to secretly backdate stock options
granted to thousands of Monster officers, directors and employees. Monster
agreed to pay a $2.5 million penalty to settle the SEC's charges that the
company defrauded investors by granting backdated, undisclosed 'in-the-money' stock options while failing to record required non-cash charges for
option-related compensation expenses."
Final Judgment as to Defendant Monster Worldwide, Inc.
On May 21, 2009, the Court issued a final judgment as to Defendant Monster Worldwide, Inc. stating: "Defendant Monster Worldwide, Inc. . . . consented to entry of this Final Judgment without admitting or denying the allegations of the Complaint (except as to jurisdiction); waived findings of fact and conclusions of law; and waived any right to appeal from this Final Judgment."
