Gemstar shareholders to receive funds By Aaron Siegel December 26, 2006
The Securities and Exchange Commission said Friday that it will begin handing out $83 million in cash and stock to shareholders of Gemstar-TV Guide International Inc. who were hurt by a scheme that involved inflating revenues to meet financial targets.
The SEC said that it will begin distributing funds from several criminal and civil actions against the Los Angeles-based media firm, its former executives and the audit firm KPMG LLP.
The funds include monies recovered for enforcement violations, disgorgement of salary and bonuses, exercised stock options and stock sales that resulted in millions for its former executives.
Earlier this year, former Gemstar chief executive Henry Yuen was found guilty of securities fraud in an SEC lawsuit that claimed he misrepresented the facts to its auditors, falsified company books and inflated revenue by $248 million to boost the company's stock.
He was ordered to pay more than $22.3 million and has yet to make any payments on the judgment, the SEC said last week. (InvestmentNews, May 9)
The SEC has already settled with former Gemstar chief financial officer Elsie Ma Leung and three other officers, as well as KPMG and four members of its audit team.
johmond: So proboards wants a contribution now, how about they put back 1MM's......
Feb 24, 2021 18:00:23 GMT -4
mayz: Still here and keeping the faith.
Feb 24, 2021 18:35:01 GMT -4
Jed: Did you ALL know that Proboards was collecting and selling our personal information all these years??? Scroll to the very bottom of the donation page www.proboards.com/contribute See where it says “Do Not Sell My Personal Information"
Feb 24, 2021 20:16:41 GMT -4
narvo: Wondering if anyone here ever knew the shareholder last name Ehmann from the desert area of California? He was a good man and he liked fell off the face of the Earth. I am sensing a bad feeling. He held many shares. Thx, Narvo
Feb 25, 2021 0:20:13 GMT -4
bbildman: 2 Covid Moderna vaccine shot done, nd I am still alive
Feb 25, 2021 16:14:52 GMT -4
narvo: Another link with CMKX in it.QFS Schedule: According to Military Intel Contact Tier 4B should be notified to set redemption/ exchange appointments on Mon. 1 March or Tues. 2 March,though it may happen sooner.QuantumFinancialSystem anonup.com/thread
Feb 28, 2021 0:02:28 GMT -4