Gemstar calls on SEC to settle auditor dispute
Gemstar-TV Guide has asked for the help of the Securities & Exchange Comission's top accountant to settle a dispute with its auditors KPMG.
The appeal to the SEC office of the chief accountant comes as the company faces the risk of being delisted from the Nasdaq exchange for failure to submit its interim results on time.
Gemstar and KPMG are at odds over the figures produced for the quarter ended 30 June 2002, with Gemstar’s audit committee insisting that the company needs to restate some of its earnings and KPMG disagreeing.
Gemstar’s shares have plunged 90% this year due to accounting concerns and unfavourable court rulings.