SEC Investigates Gemstar-TV GuideOct 22, 2002 | AP
The federal Securities and Exchange Commission has opened a formal investigation of Gemstar-TV Guide International Inc., the company announced Monday.
The order was issued last Thursday to investigate whether there have been violations of federal securities laws.
"The company previously disclosed that it has been in discussions with the SEC regarding the company's recently completed internal accounting review," Pasadena-based Gemstar said in a news release.
The order allows the SEC to subpoena company employees to gather information for its investigation.
"The company intends to continue to fully cooperate with the SEC as it moves forward in its process," Gemstar said.
The Securities and Exchange Commission has been investigating accounting issues at Gemstar, which restated its 2001 results in August after admitting it improperly recognized revenue.
Gemstar's products and services include eBook, the VCR Plus system, interactive program guide and its SkyMall merchandise catalog and are available in more than 60 countries.