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Sunday, Aug 14, 2022
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SEC Blocks Ex-Gemstar CEO’s Pay

The U.S. Securities and Exchange Commission said it had stopped a $29.5-million severance package from being paid to Gemstar-TV Guide International Inc.’s former chief executive, who was charged with securities fraud, the Los Angeles Times reports.


The agency said Wednesday that it stopped the payment from the Los Angeles company to Henry Yuen through a provision in the Sarbanes-Oxley corporate reform law.


The provision lets the SEC seek a temporary order from a federal district court requiring a company to hold “extraordinary payments” likely to be made to any officer or affiliate of the company charged with violating securities laws.


In 2003, the SEC charged Yuen with securities fraud, including making misrepresentations about the company’s revenue and lying to auditors. He was found guilty in 2005 and was forced to pay more than $22 million in financial penalties.


Gemstar-TV Guide, whose technology helps pay-TV customers navigate the 500-channel universe with an on-screen program guide, is being bought by Silicon Valley’s Macrovision Solutions Corp. in a deal initially valued at $2.8 billion in cash and stock.


Read the full L.A. Times story

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