WHY: NEW YORK, NY - 
(NewMediaWire) - October 07, 2023 - Rosen Law Firm, a global investor rights law firm, continues to investigate potential securities claims on behalf of investors 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.
WHAT TO DO NEXT: To join the prospective class action, go to https://rosenlegal.com/submit-form/?case_id=19504 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or cases@rosenlegal.com for information on the class action.
WHAT IS THIS ABOUT: 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.
WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually litigate securities class actions. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers.
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Attorney Advertising. Prior results do not guarantee a similar outcome.
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Contact Information:
Laurence Rosen, Esq.
Phillip Kim, Esq.
The Rosen Law Firm, P.A.
275 Madison Avenue, 40th Floor
New York, NY 10016
Tel: (212) 686-1060
Toll Free: (866) 767-3653
Fax: (212) 202-3827
lrosen@rosenlegal.com
pkim@rosenlegal.com
cases@rosenlegal.com
www.rosenlegal.com
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