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Gemstar Pays $67.5 Million to Settle Several Shareholder Class Actions

Authored by Mark Hefflinger on February 12, 2004 - 9:13am.
Los Angeles -- Gemstar-TV Guide International, a provider of interactive program guides for digital TV services, announced on Thursday that it has settled a group of shareholder class action lawsuits brought in the midst of an accounting scandal that resulted in the SEC suing a number of top executives at the company. The company will pay plaintiffs a total of $67.5 million in cash and stock to settle the suits. "This settlement is a significant step in Gemstar-TV Guide's efforts to resolve the legal issues that have faced the company," said Gemstar CEO Jeff Shell. "As we put the issues related to past management behind us, the new executive team can focus more completely on maximizing the opportunities for growth and development in front of us." Los Angeles-based Gemstar said that the current settlement does not resolve related shareholder derivative suits or the non-consolidated securities fraud cases pending against the company.
tags: Shareholder | Gemstar | Class Actions |