Gemstar Pays SEC $10M
By John M. Higgins -- Broadcasting & Cable, 6/23/2004 1:30:00 PM
Forget 10-Ks: The Securities and Exchange Commission will get $10M -- as in million -- from Gemstar-TV Guide International Inc.
The company has agreed to pay a $10 million fine to resolve a Securities and Exchange Commission investigation into past accounting practices.
The investigation centered on how Gemstar’s previous management inflated revenues from advertising and licensing of its interactive guide technology from 1999 through 2002. The commission slammed that previous management, including ousted CEO Henry Yuen, saying the high penalty is based on Gemstar’s initial lack of effective cooperation or remedial efforts."
The commission “credited the company for its extensive cooperation once new management took control."
The commission is continuing to pursue cases against Yuen and other ex-Gemstar executives. Gemstar said that it had previously reserved the money needed to cover the penalty.
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