Clear Channel Outdoor Holdings, Inc. (CCO)
Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of Clear Channel Outdoor Holdings, Inc. (“Clear Channel” or “the Company”) (NYSE: CCO). Investors who purchased Clear Channel securities are encouraged to obtain additional information and assist the investigation.
The investigation concerns whether Clear Channel has violated federal securities laws.
On September 28, 2023, the U.S. Securities and Exchange Commission 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 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. Specifically, 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. In 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. According to the order, Clear Media’s improper payments were falsely characterized as legitimate entertainment, cleaning and maintenance, and “customer development” expenses in Clear Channel’s consolidated books and records. The 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 sharply during intraday trading on September 29, 2023.
If you are aware of any facts relating to this investigation or purchased Clear Channel securities, you can assist this investigation. You can also contact Peretz Bronstein or his law clerk and client relations manager, Yael Nathanson of Bronstein, Gewirtz & Grossman, LLC: 332-239-2660.
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Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Nathanson
212-697-6484 | [email protected]