Clear Channel Outdoor Holdings, Inc. (NYSE: CCO)

This investigation is for anyone who acquired securities in Clear Channel Outdoor Holdings, Inc. (NYSE: CCO) prior to September 28, 2023.

The Law Offices of Howard G. Smith believes that the Company and certain of its executives violated federal law. Specifically, the Law Offices of Howard G. Smith believes that the Company misled investors regarding its financial condition. More specifically, the Law Offices of Howard G. Smith believes that the Company misled investors by telling investors that the Company complied with the law while the Company was bribing Chinese officials, in violation of the Foreign Corrupt Practices Act.  The Company also created sham transactions to cover up that it was bribing Chinese officials.

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 Chines 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, the price of the Company’s stock dropped precipitously on unusually heavy trading volume.

The Law Offices of Howard G. Smith seeks to recover damages on behalf of class members. If you acquired securities in Clear Channel Outdoor Holdings, Inc. (NYSE: CCO) prior to September 28, 2023 you may join the lawsuit by submitting your information online, or you may call the Law Offices of Howard G. Smith and speak to Mr. Smith directly to learn how he can protect your rights.