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Posted on 31/07/07

Monstrous legal bills bedevil Monster

Associated Press, with a file from Bloomberg News

NEW YORK -- Job site operator Monster Worldwide Inc. lowered its full-year sales outlook yesterday and said it plans to slash 800 jobs in the wake of swelling legal expenses.Monster, which has been grappling with an investigation into its stock option grants practices, said second-quarter operating expenses swelled by 34 per cent, largely because of higher legal fees and severance payments. Profits fell 28 per cent in the quarter, even as sales rose.

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