Thursday, September 21, 2006

Another GC Bites the Dust

Online resume company Monster Worldwide, Inc., announced that it has suspend its general counsel, Myron Olesnyckyj, because of his involvement in options backdating at the company.  Monster Worldwide disclosed in July that as a result of an internal investigation of options grants it would have to restate some of its financial statements, and on September 19 issued a brief press release (here) stating it "suspended its senior vice president, general counsel and secretary Myron Olesnyckyj, effective immediately, pending the results of the ongoing review of the Company‚Äôs historical stock option grant practices."  Olesnyckyj is not the first GC felled in the options-timing investigations.  William Sorin, former counsel for Comverse Technology, was charged with securities fraud in August, and Kent Roberts at McAfee was terminated by the company.  On another front,  the general counsel at Bristol-Myers Squibb was fired recently along with the company's CEO for their involvement in questionable negotiations with a competitor that could have triggered a violation of the company's deferred prosecution agreement.  Lawyers in the general counsel's office at Hewlett-Packard are being closely scrutinized for their role in the company's internal investigation that involved "pretexting" to obtain private information, although no one has lost their job yet.  With all the talk of judicial quotations from song lyrics (see Wall Street Journal Law Blog here), this is starting to remind me of the refrain Freddie Mercury sang:

Another one bites the dust
Another one bites the dust
And another one gone, and another one gone
Another one bites the dust
Hey, I'm gonna get you too
Another one bites the dust

(ph)

http://lawprofessors.typepad.com/whitecollarcrime_blog/2006/09/another_gc_bite.html

Fraud, Investigations, Securities | Permalink

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