Gemstar TV-Guide International Inc. chief financial officer Brian Urban fielded several questions at an investors’ conference in Phoenix Tuesday related to plans to rejuvenate TV Guide magazine, but he wasn’t asked about a securities lawsuit filed Monday against three former officers.
Late Monday, the Securities and Exchange Commission said it had sued former Gemstar president Peter Boylan, former general counsel Jonathan Orlick and former CFO Craig Waggy for allegedly overstating interactive-program-guide revenue from June 1999-September 2002. That widened an earlier complaint against former Gemstar CEO Henry Yuen and former CFO Elsie Leung.
Gemstar said in a prepared statement Monday that none of the individuals named in the suit was a current employee of the company, and that Gemstar put an entirely new management team in place after a companywide restructuring in November 2002.
Gemstar’s share price ticked up 3 cents per share to $5.16 apiece in 4 p.m. trading Tuesday.