SEC Sues Former Execs at NewsCorp's Gemstar

07 January 2004

US financial regulators are suing three former executives at TV listings firm Gemstar-TV Guide International for misleading investors.

The Securities and Exchange Commission believes the company -- in which News Corporation holds a controlling stake -- overstated revenues by at least $248 million (€194m; £136m) between March 2000 and September 2002.

It has filed civil suits against Peter Boylan (co-chief operating officer), Craig Waggy (chief financial officer) and Jonathan Orlick (general counsel), all of whom have left the company. The SEC accuses the trio of helping to mask Gemstar's financial performance.

The regulator launched similar suits in 2003 against Henry C Yuen, the Gemstar chief executive who was demoted then fired last year [WAMN: 23-Apr-03], and former chief financial officer Elsie M Leung.

Data sourced from: New York Times; additional content by WARC staff