Clear Channel Outdoor Holdings, Inc.

Rosen Law Firm, a global investor rights law firm, announces an investigation of potential securities claims on behalf of shareholders of Clear Channel Outdoor Holdings, Inc.  (NYSE: CCO) resulting from allegations that Clear Channel may have issued materially misleading business information to the investing public.

If you purchased Clear Channel securities and would like to join the prospective action, please click “Join This Class Action.”

If you purchased Clear Channel securities you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.

Details of the case:

On September 28, 2023, the U.S. Securities and Exchange Commission (“SEC”) issued a press release “announc[ing] that Clear Channel Outdoor Holdings Inc. agreed to pay more than $26 million to resolve charges that it bribed Chinese government officials to obtain outdoor advertising contracts in violation of the Foreign Corrupt Practices Act (FCPA).” The press release further stated that Clear Channel “violated the FCPA in connection with the actions of its agent, Clear Media Limited, which, at the relevant time, was a Clear Channel majority-owned subsidiary in China.”

The press release also stated that “[s]pecifically, the order finds that, from at least 2012 through 2017, Clear Media bribed Chinese government officials to obtain contracts required to sell advertising services to public and private sector clients for display on public bus shelters and other outdoor displays.” The press release continued to state “[i]n addition, the order finds that Clear Media used sham intermediaries and false invoices to generate cash for off-book ‘customer development’ consultants engaged to win advertising business from government and private customers.” Finally, the press release stated that “[t]he order further finds that, from at least 2012 through 2019, Clear Channel failed to ensure that sufficient internal accounting controls were in place at Clear Media.”

On this news, Clear Channel’s stock price fell 3% to close at $1.58 per share on September 29, 2023.

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