Monster submits amended reports
Monster Worldwide has recognized $339.6 million in charges following an internal investigation that revealed improper stock-option awards, the Boston Business Journal reports.
Maynard-based Monster has submitted an amended annual report to the Securities and Exchange Commission for the period ended December 31, 2005. The firm also provided the SEC with amended quarterly reports for the periods ending March 31, 2006 and June 30, 2006.
Former Monster CEO Andrew McKelvey resigned in October following his failure to assist in the investigation. He has paid Monster $533,046 in reimbursement, stemming from questionable transactions under his leadership.
The transactions in question were uncovered during searches by Monster's own internal audit dept. as well as outside attorneys. Monster is seeking further compensation from McKelvey, but amounts were not disclosed.
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