Hudson Highland Group Settles With SEC
January 11 2011 - 4:04PM
Hudson Highland Group (Nasdaq:HHGP) has reached a settlement with
the U.S. Securities & Exchange Commission (SEC) regarding a
previously disclosed investigation of sales tax issues in its North
American subsidiary. Hudson has neither admitted nor denied the
findings of the SEC order, but agreed to pay a $200,000 penalty in
conjunction with the settlement.
The SEC order found that Hudson failed to maintain adequate
books and records and internal accounting controls to accurately
track, calculate and remit amounts due for U.S. state sales tax
obligations for a number of years up to 2007. These issues
date back prior to the company's 2003 spin off from Monster
Worldwide. Hudson settled all sales tax claims, and by the
beginning of 2009, paid all related state sales tax due. The staff
of the SEC previously advised in August of last year that it did
not intend to recommend that the Commission take action in this
matter against the company's chief financial officer.
Jon Chait, Hudson Highland Group chairman and CEO, said, "Hudson
has fully cooperated with the SEC in its investigation, and in
2006, upon current senior management learning of these sales tax
matters, the company implemented a number of related remedial
actions and internal control enhancements which have been operating
effectively for more than three years. We are pleased to have
this entire matter behind the Company and its personnel, and we
continue to focus our efforts on behalf of our shareholders,
customers and employees."
About Hudson Highland Group
Hudson Highland Group, Inc. is a leading provider of permanent
recruitment, contract professionals and talent management services
worldwide. From single placements to total outsourced
solutions, Hudson helps clients achieve greater organizational
performance by assessing, recruiting, developing and engaging the
best and brightest people for their businesses. The company
employs approximately 2,000 professionals serving clients and
candidates in more than 20 countries. More information is available
at www.hudson.com.
CONTACT: David F. Kirby
Hudson Highland Group
212-351-7216
david.kirby@hudson.com
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