LOS ANGELES, April 9, 2002 (PRIMEZONE) -- A class action lawsuit was filed in the United States District Court for the Central District of California, on behalf of purchasers or acquirers of Gemstar-TV Guide International, Inc. ("Gemstar" or the "Company"') (Nasdaq:GMST) common stock between August 11, 1999 and April 1, 2002, inclusive (the "Class Period"). You may obtain a copy of the complaint from the Court or from Stull, Stull & Brody.
The complaint alleges that in contravention to Generally Accepted Accounting Principles ("GAAP"), defendants materially misrepresented Gemstar's Fiscal 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 for 2001 was related to accruals based on Scientific-Atlanta Inc. (SFA) set-top box shipments that would only be realized upon a successful ruling in a civil suit in Georgia federal court. Additionally, the complaint alleges that defendants violated federal securities laws through the issuance and dissemination of a materially false and misleading Registration Statement containing the Joint Proxy/Prospectus, and amendments thereto used in connection with the consummation of a merger between Gemstar and SkyMall, Inc. in July, 2002.
Due to defendants' deceptive and illegal conduct, plaintiff and the other class members purchased and/or acquired their Gemstar securities at inflated prices. Had plaintiff and the other class members been aware of the truthful condition of the Company and the adverse impact that defendants' statements and omissions were having on the Company, they would not have purchased or acquired their shares, or at least not at artificially inflated prices.
Plaintiff seeks to recover damages on behalf of class members and is represented by the law firm of Stull, Stull & Brody who has significant experience and expertise in prosecuting class actions on behalf of investors and shareholders.
If you are a member of the class described above, you may, no later than June 2, 2002, move the Court to serve as lead plaintiff, if you so choose. In order to serve as lead plaintiff, however, you must meet certain legal requirements. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of the other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Stull, Stull & Brody, or other counsel of your choice, to serve as your counsel in this action.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to this matter, please contact: Marc L. Godino at Stull, Stull & Brody at 888-388-4605 or via e-mail at info@secfraud.com or on the law firm's Website at www.secfraud.com.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca