NEW YORK--(BUSINESS WIRE)--Aug. 14, 2006--Monster Worldwide, Inc.
(NASDAQ: MNST), the parent company of Monster, the leading global
online careers and recruitment resource, today announced that it has
received a Nasdaq Staff Determination notice stating that the Company
is not in compliance with the filing requirements for continued
listing as set forth in Nasdaq Marketplace Rule 4310(c)(14).
Monster Worldwide anticipated receipt of this notice because, as
previously disclosed, the ongoing independent review of past stock
option grant practices has caused the Company to delay the filing of
its Quarterly Report on Form 10-Q for the period ended June 30, 2006.
Monster Worldwide, in accordance with Nasdaq procedures, will request
a hearing to review the determination notice before a Nasdaq Listing
Qualifications Panel. Pending a decision by the hearing panel, Monster
Worldwide's common stock will remain listed on the Nasdaq National
Market.
In June 2006, the Company announced that a committee of
independent directors, with the assistance of independent legal
counsel, is conducting an internal review of its historical stock
option practices and related accounting treatment. As previously
disclosed in a 12b-25 filing on August 8, 2006, the committee of
independent directors, along with outside legal counsel, has
determined that the Company is not in a position to state when a
conclusion with respect to the necessity of a restatement will be
reached, and therefore, the company will delay filing its Form 10-Q
for the Quarter ended June 30, 2006.
Monster Worldwide intends to file its Form 10-Q as soon as
possible after the completion of the special committee's review.
About Monster Worldwide
Founded in 1967, Monster Worldwide, Inc. is the parent company of
Monster(R), the leading global online careers and recruitment
resource. The company also owns TMP Worldwide, one of the largest
Recruitment Advertising agencies in North America. Headquartered in
New York with approximately 4,800 employees in 25 countries, Monster
Worldwide (NASDAQ: MNST) is a member of the S&P 500 Index and the
NASDAQ 100. More information about Monster Worldwide is available at
www.monsterworldwide.com.
Special Note: Except for historical information contained herein,
the statements made in this release constitute forward-looking
statements within the meaning of Section 27A of the Securities Act of
1933 and Section 21E of the Securities Exchange Act of 1934. Such
forward-looking statements involve certain risks and uncertainties,
including statements regarding the Company's strategic direction,
prospects and future results. Certain factors, including factors
outside of our control, may cause actual results to differ materially
from those contained in the forward-looking statements, including
economic and other conditions in the markets in which we operate,
risks associated with acquisitions, competition, seasonality and the
other risks discussed in our Form 10-K and our other filings made with
the Securities and Exchange Commission, which discussions are
incorporated in this release by reference.
CONTACT: Investors and Media:
Monster Worldwide
Robert Jones, 212-351-7032
bob.jones@monsterworldwide.com
or
Kathryn Burns, 212-351-7063
kathryn.burns@monsterworldwide.com
or
Weber Shandwick
Peter Duda, 212-445-8213
pduda@webershandwick.com
SOURCE: Monster Worldwide, Inc.
