Gemstar Says It Received Notice of Delisting

• Email
• Print
• Tweet

California-based Gemstar said it received notice from Nasdaq that it faces delisting because it hadn't filed its most recent quarterly report with the U.S. Securities and Exchange Commission, Reuters news service reported.

Shares in Gemstar-TV Guide International dropped about 10% to $4.03 on Aug. 27. The shares had fallen as much as 18% in after-hours trade Aug. 26, Reuters reported.

Gemstar, parent company of the TV Games Network, had said it would delay filing of a quarterly report while it reviews its accounting practices, prepared a restatement of its 2001 results, and considered a proposal to restructure its management.

According to Reuters, the company said it requested a hearing Aug. 23 before a Nasdaq qualifications panel, and that it was assured its shares will not be delisted before the hearing, which could be held any time within 30 days of the company's initial request.

Gemstar shares have been hit hard by losses in two patent infringement cases and charges to write down goodwill from its TV Guide acquisition, among other things, Reuters reported.

• Email
• Print
• Tweet