Ex-Gemstar CEO Liable for Securities Fraud3/20/2006 10:05 AM Eastern
U.S. District Judge Mariana R. Pfaelzer found former Gemstar-TV Guide International Inc. CEO Henry C. Yuen liable for securities fraud, AP reported.
Her ruling in a federal regulatory lawsuit claiming that Yuen inflated the company's revenue by $248 million to boost its stock was unsealed Monday, according to AP.
Pfaelzer also found Yuen liable for misrepresenting facts to Gemstar's auditors and falsifying its books, AP reported.
The Securities and Exchange Commission will now submit a proposed penalty, according to AP.