A federal judge found former Gemstar-TV Guide CEO Henry C. Yuen liable for securities fraud, according to a ruling unsealed Monday in a federal regulatory lawsuit that claimed Yuen inflated the company's revenue by $248 million to boost its stock. The ruling came almost three years after the SEC filed the lawsuit against Yuen and Elsie Leung, Gemstar's ex-finance chief. The company said in a statement that it was pleased by the decision to hold Yuen "accountable for his wrongful and inappropriate actions."
March 21, 2006 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
A federal judge found former Gemstar-TV Guide CEO Henry C. Yuen liable for securities fraud, according to a ruling unsealed Monday in a federal regulatory lawsuit that claimed Yuen inflated the company’s revenue by $248 million to boost its stock.
U.S. District Judge Mariana R. Pfaelzer also found Yuen liable for misrepresenting facts to Gemstar’s auditors and falsifying its books.
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