Unite with Fellow Investors
Choose the Best Attorney
Follow Case Progress
id: 953, Created by , Scout
Clear Channel (CCO) Foreign Corrupt Practices Violations Case
What do I get by joining?
- You will get case updates and receive a payout in case of success
- If you would like to actively participate, you will be connected to the attorney
- No, you do not pay anything out of your pocket neither to us nor to attorney
- In September, a $26 million payment by Clear Channel to resolve charges of FCPA violations was announced.
- On it, $CCO fell 3.1%, losing $24M+ of shareholder value.
- Investors may have grounds to suspect Clear Channel of illegal conduct, which led to their losses.
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.
- Additionally announced that Clear Channel used sham intermediaries and false invoices to generate cash for off-book payments.
- Also announced that the company also had inadequate internal controls in place.
On this news, $CCO fell 3.1% and lost over $24 million of its market capitalization, seriously damaging shareholders.
Considering all the information, investors might have grounds to suspect that Clear Channel and its executives engaged in illegal activities, which consequently led to their losses.
The case is already under investigation by at least one of the reputable law firms.
Failure to Disclose,
Shock Event Date
29 September 2023