NEW YORK, Nov. 16, 2006 (PRIMEZONE) -- Wechsler Harwood LLP, Counsel for Class Plaintiff, today issued the following:
A class action has been commenced in a Texas state court on behalf of all shareholders of Clear Channel Communications, Inc. ("Clear Channel") (NYSE:CCU). The complaint charges Clear Channel and its directors with breach of fiduciary duties in connection with taking Clear Channel private to the detriment of its shareholders and the benefit of insiders, especially members of the Mays family, its dominant shareholders and board members.
The plaintiff seeks an injunction against the going private transaction, or, should the transaction be completed, damages on behalf of Clear Channel's shareholders. Plaintiff is represented by the law firm of Wechsler Harwood LLP, which has extensive experience in prosecuting investor class actions involving financial fraud. Wechsler Harwood LLP has prosecuted securities, antitrust and consumer class actions for over 15 years. For more information about Wechsler Harwood LLP, please visit its website at www.whesq.com.
If you are a Clear Channel shareholder and wish to discuss this action or have any questions concerning this case or your rights or interests, please contact: Robert I. Harwood, at Wechsler Harwood LLP, 488 Madison Avenue, New York, New York 10022 at (toll free) 877-935-7400 or by e-mail at rharwood@whesq.com.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca