The certification deadline has passed, but some of its debris still littered the Street Thursday morning.

In one of the bigger blowups of the chapter, Gemstar-TV Guide ( GMST) said late Wednesday it will restate 2001 results to reflect the reversal of $20 million in revenue and said it is considering a management shake-up.

The Pasadena, Calif., company delayed filing its second-quarter results, missing the SEC-mandated deadline for certifying financial statements, after its audit committee raised questions about the way it allocated revenue between its interactive division and media and services segment. The company said the restatement wouldn't affect its loss or cash flow for 2001.

Gemstar said its auditors hadn't agreed to the restatement. "KPMG has informed the company that it does not believe that it has been provided information sufficient to support a change in the accounting treatment," it said in a release.

The company is 42%-owned by News Corp. ( NWS) and was a huge burden on the company's earnings in the most recent fiscal year. News Corp. Chairman Rupert Murdoch has reportedly long sought new direction at the company. In its release, Gemstar said its chief executive, Henry Yuen, chief financial officer, Elsie Leung, and News Corp. have proposed restructuring management to settle "disputes among the parties."

Gemstar's shares touched a five-year low on Wednesday. As happened consistently on Tuesday, the pre-certification confession led to a jump in Gemstar's shares. They were recently adding 3% to $3.44.

Meanwhile, Omaha-based commerce system purveyor Transaction Systems Architects ( TSAI) held off certifying its financial statements after determining it might have improperly accounted for some deals in 1999 through 2001.

The audits were first completed by Arthur Andersen and will now be conducted by KPMG LLP, it said. The company's chairman, Gregory Duman, resigned as its director.

The firm said its officers will certify results after the reaudit is completed. Its shares tumbled 23% to $8.30.

AOL Time Warner ( AOL) was soaring after saying it was reviewing three transactions worth $49 million at its America Online unit.

The company described the revenue involved as "insignificant" and certified its financial statements before the deadline. The shares were recently gaining 10% to $12.19.

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