NEW YORK, April 16, 2002 (PRIMEZONE) -- A class action complaint has been filed in the United States District Court for the Central District of California, Western Division, case number 02-2968, on behalf of all persons or entities who purchased Gemstar-TV Guide International ("Gemstar" or the "Company") common stock (Nasdaq:GMST) between May 14, 2001 and April 1, 2002, both dates inclusive (the "Class Period").
The Complaint alleges that defendants violated Section 10(b) of the Securities Exchange Act of 1934 by misrepresenting Gemstar's quarterly and year-end financial results in press releases, statements to analysts and filings with the SEC during the Class Period to create the illusion that earnings growth was in line with analysts' estimates. In particular, it is alleged that defendants materially misrepresented the Company's 2001 financial results by failing to disclose that $20.8 million of the Company's $101 million in Interactive group sales came from a barter exchange of intellectual property with Fantasy Sports and that $58.9 million of its $327 million Technology and Licensing segment revenue was related to accruals based on Scientific-Atlanta, Inc. set-top box shipments that would only be realized upon a successful ruling in a civil suit in Georgia federal court. The Complaint alleges that as a result of these false and misleading statements the price of Gemstar common stock was artificially inflated throughout the Class Period causing plaintiff and the other members of the Class to suffer damages.
Plaintiff is represented by the law firm of Rabin & Peckel LLP. Rabin & Peckel LLP and its predecessor firms have devoted its practice to shareholder class actions and complex commercial litigation for more than thirty years and have recovered hundreds of millions of dollars for shareholders in class actions throughout the United States. You can learn more information about Rabin & Peckel at www.rabinlaw.com.
If you purchased Gemstar common stock during the Class Period described above, you may, no later than June 2, 2002, move the Court to serve as lead plaintiff. To serve as lead plaintiff, however, you must meet certain legal requirements. You can join this action as a lead plaintiff online at www.rabinlaw.com. If you wish to discuss this action further or have any questions concerning this announcement, or your rights or interests, please contact plaintiff's counsel, Eric Belfi or Sharon Lee, Rabin & Peckel LLP, 275 Madison Avenue, New York, NY 10016, by telephone at (800) 497-8076 or (212) 682-1818, by facsimile at (212) 682-1892, or by e-mail at email@rabinlaw.com.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.