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Court OKs Gemstar Class-Action Settlement

By Multi Channel News Staff -- Multichannel News, 9/14/2004 12:08:00 PM

The U.S. District Court for the Central District of California has approved Gemstar-TV Guide International Inc.’s consolidated shareholder class-action lawsuit-settlement agreement, the company said Tuesday.

Under terms of the settlement, the company exercised its option to substitute cash for 2,052,545 shares of common stock that were to be issued to members of the class.

The remaining 2,052,545 shares of common stock, subject to adjustment, as well as the cash portion of the settlement amount, will be distributed in accordance with the settlement agreement, Gemstar-TV Guide said.

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