November 6, 2019

Outdoor advertising company provides updates on FCPA investigation

On November 6, 2019, Clear Channel Outdoor Holdings, Inc., a global provider of outdoor advertising based in San Antonio, Texas, disclosed additional details concerning an ongoing investigation by the US Department of Justice and US Securities and Exchange Commission into potential FCPA violations and the misappropriation of company funds.

Clear Channel first disclosed in December 2018 that it had self-reported to the DOJ and SEC potential improper conduct at its Chinese subsidiary, Clear Media Limited.  In its November 6 filing, Clear Channel disclosed that two former employees of Clear Media have now been convicted in China for the misappropriation of funds, among other crimes, and that they have been sentenced to prison.  Clear Channel stated that it was continuing to cooperate in the DOJ and SEC investigations, and that it was not able to predict whether any monetary or other penalties would be assessed against Clear Channel as part of any eventual resolution.

Form 6-K