America’s Securities and Exchange Commission is investigating the accounting practices of TV listings firm Gemstar-TV Guide International.
The SEC has upgraded the inquiry to ‘formal’ status, allowing it to issue subpoenas as it seeks to determine whether the company has breached securities laws.
Gemstar – 42%-owned by News Corporation – has been in talks with the agency since the summer, when it announced it would restate results for 2001.
It said it would “fully co-operate” with the probe.
Data sourced from: multiple sources; additional content by WARC staff