Monster options backdating bipolar disorder dating website
In the mid-2000s, an investigation by the Securities and Exchange Commission resulted in the resignations of more than 50 senior executives and CEOs at firms across the industry spectrum from restaurants and recruiters to home builders and healthcare.
Under Monster’s settlement with Mc Kelvey, he will pay the company million and also convert the 4.76 million shares of supervoting stock he controls into ordinary shares, reducing his voting power in the company from 31 percent to 7.4 percent.
Options are usually granted at the price of a company’s stock on a particular day, and the SEC said that’s what Monster had reported about the options in question.
The SEC said in its settlement that Mc Kelvey 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.
These include adding independent directors, and adopting better corporate governance practices, including a majority voting standard for directors.
Monster shares fell 58 cents to .67 in late-afternoon Nasdaq trading.
) board of directors acted promptly and decisively to address a stock options scandal, and each board member deserves to be reelected, Monster's new chief executive said in a letter to large shareholders.