SEC Files Charges Against Former Gemstar-TV Guide Officials

The Securities and Exchange Commission filed civil charges against two former executives of Gemstar-TV Guide International ( GMST), the company said.

The SEC filed charges against Henry Yuen, the company's former chief executive, and Elsie Leung, the former chief financial officer, saying the two officials inflated the company's revenue, media reports said.

The company said in a release, "The current management of Gemstar-TV Guide has, and continues to, cooperate fully with the SEC's investigation. The company completed a management and corporate governance restructuring in November 2002. The company believes that it has resolved its past accounting issues, and has taken significant steps towards the resolution of associated regulatory issues."

Shares of the media and technology company ended down 4.7%, or 0.3%, at $5.23 on Thursday.

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