Gemstar-TV Guide Faces Delisting
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PASADENA, Calif. (AP) _ Gemstar-TV Guide International Inc. said late Monday it has received notice from the Nasdaq Stock Market that its shares are subject to delisting because it didn’t file its second-quarter report with the Securities and Exchange Commission on time.
At 4 p.m. EDT on the Nasdaq Stock Market, shares of Gemstar were up 20 cents, or 4.7 percent, at $4.48. In after-hours activity, the stock fell to $4.20, according to Island ECN.
Gemstar, which is in the midst of a change in leadership, announced earlier this month it would have to restate its 2001 results ``to reverse the recognition″ of about $20 million in revenue at its TV Guide unit, and that further adjustments may be in order.
Gemstar was also one of 16 companies which didn’t meet the SEC’s Aug. 14 mandate to certify its financial results.
The Pasadena, Calif., provider of television-program guides said it has requested a hearing on the delisting.