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Henry C. Yuen and Elsie Ma Leung

Today, the Honorable Wm. Matthew Byrne, Jr., U.S. District Judge for the Central District of California, granted the Securities and Exchange Commission's application for an order requiring Gemstar-TV Guide International, Inc., to escrow for 45 days any extraordinary payments to any of its directors, officers, partners, controlling persons, agents, or employees pursuant to Section 1103 of the Sarbanes-Oxley Act of 2002. Section 1103 of the Sarbanes-Oxley Act provides that the SEC may, during an investigation into securities laws violations by a public company or an officer, director or other affiliate of a public company, seek a temporary order from a federal district court requiring the company to escrow "extraordinary payments" likely to be made to such person for 45 days or, if such person is charged with a violation of the securities laws, until the conclusion of the SEC's lawsuit. The Court's order places in escrow, subject to court supervision, approximately $37.64 million in cash payments that Gemstar previously agreed to pay to Henry C. Yuen, its former chief executive officer, and Elsie Leung, its former chief financial officer.

 

Last Reviewed or Updated: June 27, 2023