Gemstar Warned of Delisting by Nasdaq
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Gemstar-TV Guide International Inc. said it had received notice from Nasdaq that its shares are subject to delisting because it didn’t file its second-quarter report with the Securities and Exchange Commission on time.
The news sent Gemstar’s stock down to as low as $3.65 in after-hours trading. The shares had closed up 20 cents at $4.48 on Nasdaq.
Gemstar, which is in the midst of a change in leadership, said this month that it would have to restate its 2001 results “to reverse the recognition” of about $20 million in revenue at its TV Guide unit.
Gemstar also was one of 16 companies that didn’t meet the SEC’s Aug. 14 mandate to certify its financial results.
The Pasadena-based provider of TV program guides said it had requested a hearing on the delisting.
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