NEW YORK--(BUSINESS WIRE)--May. 18, 2009--
Monster Worldwide, Inc. announced today it has entered into a settlement
between the Company and the SEC regarding the Commission’s inquiry into
the Company's stock option granting practices and related accounting
between 1997 and 2005.
Without admitting or denying wrongdoing in response to the allegations
in the SEC complaint filed today, Monster has agreed to pay a $2.5
million penalty to settle the charges related to the Commission’s
inquiry. The settlement reflects the fact that Monster’s new management
team cooperated extensively with the SEC during the inquiry.
“This is an important step in closing an unfortunate chapter in the
company's history and putting the issue firmly behind us,” said Monster
Chairman and Chief Executive Officer Sal Iannuzzi. “Our current
executive team has spent the last two years refocusing Monster on its
customers and shareholders, retooling the day-to-day management, and
overhauling governance in an effort to adhere to the highest standards.”
The fine to be paid pursuant to the settlement is within the amount
previously accrued by the Company. This settlement concludes the SEC’s
formal investigation into the Company’s historical stock option granting
practices.
About Monster Worldwide
Monster Worldwide, Inc. (NYSE:MWW),
parent company of Monster®, the premier global online employment
solution for more than a decade, strives to bring people together to
advance their lives. With a local presence in key markets in North
America, Europe, and Asia, Monster works for everyone by connecting
employers with quality job seekers at all levels and by providing
personalized career advice to consumers globally. Through online media
sites and services, Monster delivers vast, highly targeted audiences to
advertisers. Monster Worldwide is a member of the S&P 500 Index. To
learn more about Monster's industry-leading products and services, visit www.monster.com.
More information about Monster Worldwide is available at http://corporate.monster.com.
Special Note: Safe Harbor Statement Under the Private Securities
Litigation Reform Act of 1995: Except for historical information
contained herein, the statements made in this release constitute
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange Act of
1934. Such forward-looking statements involve certain risks and
uncertainties, including statements regarding Monster Worldwide, Inc.'s
strategic direction, prospects and future results. Certain factors,
including factors outside of Monster Worldwide's control, may cause
actual results to differ materially from those contained in the forward-
looking statements, including economic and other conditions in the
markets in which Monster Worldwide operates, risks associated with
acquisitions, competition, seasonality and the other risks discussed in
Monster Worldwide's Form 10-K and other filings made with the Securities
and Exchange Commission, which discussions are incorporated in this
release by reference.
Source: Monster Worldwide, Inc.
Monster Worldwide, Inc.
Steve Sylven, 978-461-8503
steve.sylven@monster.com
