Monster Worldwide, Inc. today announced that the Companyís Board of Directors has suspended its senior vice president, general counsel and secretary Myron Olesnyckyj, effective immediately, pending the results of the ongoing review of the Companyís historical stock option grant practices.
As disclosed on June 12, 2006, a committee of independent directors, with the assistance of independent legal counsel, is conducting the internal review. On July 11, Monster Worldwide announced that the Company believes it may need to restate its financial statements for the year ended December 31, 2005 and prior years to record additional non-cash charges for stock based compensation expense relating to various stock option grants. The Company expects that a restatement, while very likely, would not have a material impact on 2006 earnings.
Monster Worldwide Provides Update on Stock Option Grant Practices
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