Investigation announced for Investors in shares of Clear Channel Outdoor Holdings, Inc. (NYSE: CCO) concerning pootential Violations of Securities Laws

An investigation was announced for investors of Clear Channel Outdoor Holdings, Inc. (NYSE: CCO) shares over potential securities laws violations by Clear Channel Outdoor Holdings, Inc. in connection with certain financial statements.

Investors who purchased shares of Clear Channel Outdoor Holdings, Inc. (NYSE: CCO), have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

The investigation by a law firm focuses on whether a series of statements by Clear Channel Outdoor Holdings, Inc. regarding its business, its prospects and its operations were materially false and misleading at the time they were made.

San Antonio TX based Clear Channel Outdoor Holdings, Inc. owns, operates, and sells advertising displays in the United States and internationally.

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 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."

Shares of Clear Channel Outdoor Holdings, Inc. (NYSE: CCO) declined from $2.14 per share on February 03, 2023 to as low as

Those who purchased shares of Clear Channel Outdoor Holdings, Inc. (NYSE: CCO) have certain options and should contact the Shareholders Foundation.

Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities lawsuits, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

This release was published on openPR.