LAWSUITS NEWS & LEGAL INFORMATION
Monster Stock Options
New York, NY: (Jan-23-08) Federal regulators brought charges against Andrew McKelvey, the former CEO of Monster Worldwide Inc., alleging that he engaged in a scheme to backdate stock options to employees of the online job-search company. The Securities and Exchange Commission (SEC) stated that options are usually granted at the price of a company's stock on a particular day, and that McKelvey understood that the backdating of the options without recognizing an appropriate compensation expense went against accounting rules and also wasn't properly disclosed in Monster's regulatory filings. SEC officials accused the CEO of putting earlier dates on the grants of stock options in order to make them coincide with lower closing prices for the company's stock, making them more valuable to the people who received them.
As part of a settlement reached, sources confirmed that Andrew McKelvey will pay about $276,000 in penalties to resolve allegations. [CNN NEWS: BACKDATING STOCK OPTIONS]
Published on Jan-24-08
As part of a settlement reached, sources confirmed that Andrew McKelvey will pay about $276,000 in penalties to resolve allegations. [
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