Attached files
file | filename |
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8-K - Hudson Global, Inc. | v207708_8k.htm |
For Immediate Release
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Contact:
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David
F. Kirby
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Hudson Highland Group | |||
212-351-7216 | |||
david.kirby@hudson.com |
Hudson
Highland Group Settles with SEC
NEW YORK, NY – January 11, 2011
– 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.
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