In re Monster Worldwide, Inc. Derivative Shareholder Litigation

Court: Supreme Court of New York, New York County
Case Number: 06-108700
Case Contacts: Salvatore J. Graziano, Adam H. Wierzbowski

Shareholder derivative action filed on behalf of Louisiana Municipal Police Employees' Retirement System ("Louisiana") brought for the benefit of Monster Worldwide, Inc. ("Monster"), against certain officers and directors of the Company.  This action arises from defendants' obtaining, approving, and/or acquiescing in the issuance of stock options to senior executives and directors that were unlawfully backdated to provide the recipients with windfall compensation at the direct expense of Monster between at least January 1997 and early 2006. 

On September 15, 2006, the Court appointed Louisiana Co-Lead Plaintiff and BLB&G Co-Lead Counsel in the action.  On December 1, 2006, Plaintiffs filed an Amended and Consolidated Verified Shareholder Derivative Complaint in this Action.  On July 28, 2008, Justice Eileen Bransten of the Supreme Court of the State of New York preliminarily approved the partial settlement of the action, which resulted in monetary recovery by Monster valued at more than $32 million (in the form of cash and stock option repricings and cancellations) and Monster's adoption of significant corporate governance reforms.  Pursuant to the Court's Order, Monster published Notice of the Settlement, and on October 2, 2008, Justice Bransten approved the proposed settlement during a final settlement hearing.

Other Cases of Interest

  • Luckin Coffee
    Southern District of New York Salvatore J. Graziano, John Rizio-Hamilton, Jai K. Chandrasekhar, Kate Aufses, Amanda Boitano
  • Willis Towers Watson
    Eastern District of Virginia Salvatore J. Graziano, John Rizio-Hamilton, Rebecca E. Boon, Jai K. Chandrasekhar, Jesse L. Jensen, Nicholas Gersh
  • Wells Fargo & Company
    Northern District of California Salvatore J. Graziano, Adam H. Wierzbowski, Rebecca E. Boon, Michael Mathai
  • Synchrony Financial
    District of Connecticut Salvatore J. Graziano, Jeroen van Kwawegen, Adam H. Wierzbowski, Kate Aufses, Matthew Traylor
  • SunEdison
    Southern District of New York, Salvatore J. Graziano, Katherine M. Sinderson, Adam Hollander
  • Energy Transfer LP
    Eastern District of Pennsylvania John C. Browne, Michael D. Blatchley, Hannah Ross, Adam H. Wierzbowski, Michael Mathai, James M. Fee
  • Navient Corporation
    District of Delaware Salvatore J. Graziano, Jeremy P. Robinson, Jesse L. Jensen, R. Ryan Dykhouse
  • Myriad Genetics, Inc.
    District of Utah Adam H. Wierzbowski, Abe Alexander, Matthew Traylor
  • Ryder System, Inc.
    Southern District of Florida Salvatore J. Graziano, John Rizio-Hamilton, Adam H. Wierzbowski, Avi Josefson, Hannah Ross, Michael D. Blatchley, Brenna Nelinson, Matthew Traylor
  • Stericycle, Inc.
    District of Illinois Eastern Division John C. Browne, Adam H. Wierzbowski