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Monster Worldwide, the parent company of the employment Web site Monster.com, has entered into a settlement with the Securities and Exchange Commission over a stock-option scandal that led to the 2006 ouster of its top brass.
Without admitting wrongdoing, the company has agreed to pay a $2.5 million penalty regarding the practices, which allegedly occurred between 1997 and 2005, according to a company press release.
The issue at hand centered on the backdating of irregular stock options to a day when the stock traded at a different price, thus increasing the value of the option. Though not illegal, such procedures should involve the notification of shareholders.
In 2006, the company's senior vice-president and head lawyer, Myron Olesnyckyj, was fired, and the chief executive, Andrew J. McKelvey, resigned. McKelvey was replaced by William M. Pastore. Its chairman and CEO is now Sal Iannuzzi.
