BENSALEM, Pa.–(BUSINESS WIRE)–Law Offices of Howard G. Smith announces an investigation on behalf of Clear Channel Outdoor Holdings, Inc. (“Clear Channel” or the “Company”) (NYSE: CCO) investors concerning the Company’s possible violations of federal securities laws.
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.
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 Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to [email protected], or visit our website at www.howardsmithlaw.com.
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Contacts
Law Offices of Howard G. Smith
Howard G. Smith, Esquire
215-638-4847
888-638-4847
[email protected]
www.howardsmithlaw.com
