Monster.com Fires General Counsel In Stock-Options Probe

Monster Worldwide, operator of the popular Monster.com job site, has fired its general counsel as a result of an internal investigation into the company's handling of stock option grants.

The company board dismissed Myron Olesnyckyj, senior VP, general counsel, and secretary, "for cause," Monster said in statement. No other details were provided.

"The board's action was taken with the concurrence of the special committee of independent directors reviewing the company's historical stock option grant practices," the New York-based company said. Olesnyckyj has been suspended since Sept. 19.

In October, Monster.com founder and chairman Andrew McKelvey stepped down because of the options probe.

Monster is among dozens of companies caught in a stock options scandal that has swept the tech industry. The Securities and Exchange Commission is investigating well over 100 companies for backdating stock options. The practice retroactively grants options on dates when a company's stock price is relatively low, maximizing the potential profits for the option holder.