San Diego, CA -- (SBWIRE) -- 03/27/2012 -- An investor in NYSE:CCO shares filed a lawsuit against members of the board of directors of Clear Channel Outdoor Holdings, Inc. in connection with an alleged improper $656 million loan given from Clear Channel Outdoor Holdings to Clear Channel Communications.
Investors who are current long term stockholders in Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) shares have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
Clear Channel Communications Inc, and its owners private equity firms Bain Capital LLC and Thomas H Lee Partners LLC hold a majority interest in Clear Channel Outdoors Holdings.
The plaintiff claims that the board of directors of Clear Channel Outdoors Holdings Inc breached their fiduciary duties by agreeing that Clear Channel Outdoors Holdings loaned Channel Communications $654million at "incredibly favorable" terms to the detriment of public shareholders of Clear Channel Outdoors Holdings.
The plaintiff says that no rational third-party would have ever agreed to lend money on such terms and the loan has "so significantly" depleted Clear Channel Holdings’ cash reserves that it was forced to borrow $2 billion to fund a special dividend.
Those who are current long term investors in Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) shares, have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego