Clear Channel Outdoor Holdings, Inc.
|Company Name||Clear Channel Outdoor Holdings, Inc.|
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, 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.
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