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Monster Suspends General Counsel

The move is effective immediately, pending the results of a review into stock options.

Monster Worldwide

(MNST) - Get Monster Beverage Corporation (MNST) Report

suspended its general counsel amid an ongoing probe into the company's historical stock option grants.

The online job search company said Tuesday that Myron Olesnyckyj has been suspended, effective immediately, pending the results of the review. The company gave no further details about the reasons for Olesnyckyj's suspension.

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In July, Monster disclosed that it may need to restate financial statements for past years to record additional charges for stock options. The company said Tuesday that a restatement, while "very likely," won't have a material effect on earnings.

Monster shares closed down $2.83, or 7.1%, to $37.10 Tuesday following cautious statements from fellow Internet outfit