SEC Seeks Monster Docs in Options Probe

NEW YORK -- Monster Worldwide Inc., the parent company of job search site Monster.com, said Wednesday the Securities and Exchange Commission has asked it to "preserve all relevant information" in anticipation of a document request related to the timing of its stock options grants, The Associated Press reported.

The New York-based company said it plans to cooperate fully with the SEC's investigation, the AP reported.

Meanwhile, crafts retailer Michaels Stores Inc. said it understated compensation expenses by as much as $60 million between 1990 and 2001 because of stock options it awarded with effective dates that were earlier than the date on which they were approved, The Wall Street Journal reported Thursday.

The Irving, Texas, company, which previously delayed reporting financial results for its first quarter ended April 29, said the discovery, which emerged from an internal options investigation, will require reclassification of certain financial results but it doesn't expect to make any restatements, the paper reported.

Michaels said it changed its practices in 2001 to give options awards on set dates, and its investigation didn't uncover any anomalies since then, the paper reported.

Michaels said it is continuing its investigation, the paper reported.

-- NYSSCPA.org News Staff

Posted on 6/15/06