We use cookies on this site to enable your digital experience. By continuing to use this site, you are agreeing to our cookie policy. close

Clear Channel Faces Static From Shareholder

Law360 (November 20, 2006, 12:00 AM EST) -- A perturbed shareholder has hit Clear Channel Communications Inc. and its directors with a lawsuit related to a proposed $18.7 billion buyout by the radio station operator’s founding family and two private equity firms.

On Thursday, plaintiff Lou Ann Murphy filed a suit seeking class action status in the District Court for the 166th Judicial District in Bexar County, Tex., accusing Clear Channel and its executives of breaching their fiduciary duties.

The complaint came less than a week after Clear Channel announced its plan to sell...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.