Stull, Stull & Brody Announces Class Action on Behalf of Shareholders of Monster Worldwide, Inc.
NEW YORK, NY -
Notice is hereby given that a class action has been commenced in the United States District Court for the Southern District of New York on behalf of a class (the “Class”) consisting of all persons or entities who purchased or otherwise acquired publicly traded securities of Monster Worldwide, Inc. (“Monster” or the “Company”) (NASDAQ: MNST) between May 6, 2006 and June 9, 2006, inclusive, (the “Class Period”). The lawsuit was filed against Monster and Andrew T. McKelvey, Myron Olesnyckyj and Charles “Lanny” Baker (“Defendants”).
Stull, Stull & Brody has substantial experience representing employees who suffered losses from purchases of their employer’s stock in their 401(k) plans. If you bought Monster Worldwide Corporation’s stock through your Monster retirement account and have information or would like to learn more about these claims, please contact us.
The complaint alleges that Defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10(b)-5 promulgated thereunder. Specifically, the complaint alleges that Defendants engaged in a fraudulent scheme and or published a series of materially false and misleading statements that Defendants knew, and or were severely reckless in not knowing, were materially false and misleading, and failed to disclose material information necessary to render such statements not false and misleading. During the Class Period, Defendants granted stock options to themselves and to other Monster officers and directors on dates that Monster stock had reached its lowest, or next-lowest price in weeks or months. These grants almost invariably preceded share gains, and or followed significant drops in the Company’s stock price. In public disclosures, however, Defendants falsely claimed that the grants were dated and priced as of the date of the actual grants.
On June 12, 2006, The Wall Street Journal published an article titled “Monster Worldwide Gave Officials Options Ahead of Share Run-Ups.” The article stated that Monster may have backdated option grants, and reported that there was a one in nine million chance that the grant dates of the options The Wall Street Journal examined were selected at random. That same day, Monster issued a press release announcing the receipt of a subpoena from the U.S. Attorney for the Southern District of New York, relating to the Company’s stock option granting practices. Shares of Monster reacted negatively to the news,closing at $38.60, down $3.40 from the prior trading day, a one day drop of 8.1%, on unusually heavy volume. Subsequently, Defendant Olesnyckyj has pleaded guilty to criminal federal securities fraud and conspiracy to commit securities fraud.
If you purchased Monster’s common stock during the Class Period, you may request that the Court appoint you as lead plaintiff by no later than 60 days from March 15, 2007. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as “lead plaintiff.” Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Stull, Stull & Brody, or other counsel of your choice, to serve as your counsel in this action. Stull, Stull & Brody has litigated many class actions for violations of securities laws in federal courts over the past 30 years and has obtained court approval of substantial settlements on numerous occasions. Stull, Stull & Brody maintains offices in both New York and Los Angeles.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Tzivia Brody, Esq. at Stull, Stull & Brody by e-mail at SSBNY@aol.com, by calling toll-free 1-800-337-4983, or by fax at 212/490-2022, or by writing to Stull, Stull & Brody, 6 East 45th Street, New York, NY 10017. You can also visit our website at www.ssbny.com.
Contact:
Tzivia Brody, Esq
Stull, Stull & Brody
Email Contact
1-800-337-4983
Fax: 212/490-2022
6 East 45th Street
New York, NY 10017
www.ssbny.com
