Feeds

Monster admits monstrous error

Mistated results from 1997 to 2005...

Designing a Defense for Mobile Applications

Monster.com - the online recruitment site - has told the Securities and Exchange Commission (SEC) that it has been over-stating its profits since the late 90s.

Since 1997 until 2005 the site exaggerated profits by a total of $272m. The company said its investigation into backdated share options was almost complete but it expects to make final recomendations in the first quarter of 2007. Several dozen Silicon Valley companies are accused of mis-stating results and backdating share options.

Back in October the founder of Monster.com Andrew McKelvey resigned from the board and from the company because he refused to co-operate with the three-man committee set up to investigate the scandal. Since then he has paid the company back over half a million dollars.

The statement given to the SEC said: "Mr. McKelvey has reimbursed the Company approximately $533,000 for certain expenses paid by the Company during the periods 1996 through 2006. The Company continues to seek reimbursement, plus interest, on certain other items."

In November the company sacked its top lawyer over the scandal - general counsel Myron Olesnyckyji - who had been suspended since September.

The company is still facing investigation by the SEC, the US Attorney General's office and a class action case from a former employee and former company officers. It is also facing claims for damages from other former employees who have been unable to excercise their share options because of the ongoing investigation.

The whole SEC statement is available here.®

The smart choice: opportunity from uncertainty

More from The Register

next story
BBC goes offline in MASSIVE COCKUP: Stephen Fry partly muzzled
Auntie tight-lipped as major outage rolls on
There's NOTHING on TV in Europe – American video DOMINATES
Even France's mega subsidies don't stop US content onslaught
You! Pirate! Stop pirating, or we shall admonish you politely. Repeatedly, if necessary
And we shall go about telling people you smell. No, not really
Airbus promises Wi-Fi – yay – and 3D movies (meh) in new A330
If the person in front reclines their seat, this could get interesting
UK Parliament rubber-stamps EMERGENCY data grab 'n' keep bill
Just 49 MPs oppose Drip's rushed timetable
Samsung threatens to cut ties with supplier over child labour allegations
Vows to uphold 'zero tolerance' policy on underage workers
Dude, you're getting a Dell – with BITCOIN: IT giant slurps cryptocash
1. Buy PC with Bitcoin. 2. Mine more coins. 3. Goto step 1
US freemium mobile network eyes up Europe
FreedomPop touts 'free' calls, texts and data
prev story

Whitepapers

Reducing security risks from open source software
Follow a few strategies and your organization can gain the full benefits of open source and the cloud without compromising the security of your applications.
Consolidation: The Foundation for IT Business Transformation
In this whitepaper learn how effective consolidation of IT and business resources can enable multiple, meaningful business benefits.
Application security programs and practises
Follow a few strategies and your organization can gain the full benefits of open source and the cloud without compromising the security of your applications.
Boost IT visibility and business value
How building a great service catalog relieves pressure points and demonstrates the value of IT service management.
Consolidation: the foundation for IT and business transformation
In this whitepaper learn how effective consolidation of IT and business resources can enable multiple, meaningful business benefits.