LOS ANGELES–(BUSINESS WIRE)–The Law Offices of Frank R. Cruz announces an investigation of Clear Channel Outdoor Holdings, Inc. (“Clear Channel” or the “Company”) (NYSE: CCO) on behalf of investors concerning the Company’s possible violations of federal securities laws.
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On September 28, 2023, it was announced that Clear Channel agreed to pay over $26 million to resolve charges that it had violated the Foreign Corrupt Practices Act (“FCPA”) by bribing 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.” Additionally, Clear Channel 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,” and “failed to ensure that sufficient internal accounting controls were in place.”
On this news, Clear Channel’s stock price fell $0.05, or 3.1%, to close at $1.58 per share on September 29, 2023, thereby injuring investors.
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If you purchased Clear Channel securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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Contacts
The Law Offices of Frank R. Cruz, Los Angeles
Frank R. Cruz, 310-914-5007
fcruz@frankcruzlaw.com
www.frankcruzlaw.com