Wednesday, April 30, 2008
A DOJ Press Release of the U.S. Attorneys Office of the Southern District of New York announces that the former chief operating officer and president of Monster Worldwide, Inc. was charged with securities fraud and conspiracy in connection with backdating of stock options. The press release states as the alleged criminal activity that:
"TREACY conspired with other former senior executives at Monster to systematically backdate stock option grants to Monster employees between 1997 and 2003, in an effort to provide
profitable options to employees without recording the required compensation expenses, thereby falsely inflating Monster's earnings. As a result, Monster’s public filings with the United
States Securities and Exchange Commission ("SEC") between 1997 and 2005 fraudulently understated the company’s compensation expenses by a total of more than $300 million."