Monster Worldwide, Inc, the parent company of Monster, the leading global online careers and recruitment resource, today announced that it has received a Nasdaq Staff Determination notice stating that the Company is not in compliance with the filing requirements for continued listing as set forth in Nasdaq Marketplace Rule 4310(c)(14).
Monster Worldwide anticipated receipt of this notice because, as previously disclosed, the ongoing independent review of past stock option grant practices has caused the Company to delay the filing of its Quarterly Report on Form 10-Q for the period ended June 30, 2006. Monster Worldwide, in accordance with Nasdaq procedures, will request a hearing to review the determination notice before a Nasdaq Listing Qualifications Panel. Pending a decision by the hearing panel, Monster Worldwide’s common stock will remain listed on the Nasdaq National Market.
In June 2006, the Company announced that a committee of independent directors, with the assistance of independent legal counsel, is conducting an internal review of its historical stock option practices and related accounting treatment. As previously disclosed in a 12b-25 filing on August 8, 2006, the committee of independent directors, along with outside legal counsel, has determined that the Company is not in a position to state when a conclusion with respect to the necessity of a restatement will be reached, and therefore, the company will delay filing its Form 10-Q for the Quarter ended June 30, 2006.
Monster Worldwide intends to file its Form 10-Q as soon as possible after the completion of the special committee’s review.
Monster Worldwide Receives Anticipated Nasdaq Notice Regarding Delayed Filing of Form 10-Q
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