From the "We continue to take your money and you shut up" file:
Gemstar to hold shareholder meeting without votes
Tuesday November 5, 4:47 pm ET
PASADENA, Calif., Nov 5 (Reuters) - Embattled television programming guide provider Gemstar-TV Guide International Inc. (NasdaqNM:GMSTE - News) on Tuesday said it will hold a shareholder meeting later this month but said no votes will be taken.
Gemstar, which is under formal investigation by the U.S. Securities and Exchange Commission and in the process of restating some past results, said it will hold a meeting on Nov. 19 near its Pasadena, California headquarters.
The company, which postponed its annual shareholders' meeting in August after saying it would restate some results, said the Nov. 19 meeting was meant to be an information session for investors and said no action would be taken.
Gemstar said it has postponed holding its formal annual meeting until after it files an amended annual report for 2001 and amended quarterly reports for 2002.
The company has yet to file quarterly reports for the June or September quarters. Last Thursday it announced further restatements, including reversing some revenue it had booked but never actually received, and said it had hired a new auditor.
Shares in Gemstar closed up 1.1 percent at $3.78 on Nasdaq. For the year, the shares are down more than 86 percent, battered by the restatements, numerous legal setbacks and a management shake-up that saw founder Henry Yuen replaced as chief executive last month. |
