This case came out of trouble that started in January 2018, when Clear Channel Outdoor Holdings, Inc. found out that an employee at its then-majority-owned subsidiary, Clear Media Limited, had misappropriated funds. That led to internal investigations and a delay in financial reporting, which triggered the attention of the Securities and Exchange Commission. By August 2018, the SEC had launched a formal investigation. During that probe, the SEC asked Clear Channel to sign an agreement to extend the statute of limitations for potential enforcement action. Clear Channel agreed, and the SEC’s investigation wrapped up in September 2023 with a settlement that didn’t involve any admission of wrongdoing by Clear Channel.
Tags:
