Clear Channel chiefs sign financial affidavits
By Bill McConnell -- Broadcasting & Cable, 8/5/2002 4:00:00 AM
Clear Channel Communications Inc. chairman Lowry Mays and chief financial officer Randall Mays signed statements Friday attesting that the company's most recent financial reports with the Securities and Exchange Commission contain no material errors or omissions.
The oaths followed persistent Wall Street rumors that the company will be swept in the wake of corporate accounting scandals.
"Clear Channel has always operated openly, honestly and fairly, and we are proud to sign these statements personally," Lowry Mays said. "Clear Channel is pleased to file this personal certification well ahead of the SEC deadline and to join President Bush and the Congress in support of corporate responsibility and accountability."
The documentation is required by the new Public Company Accounting Reform and Investor Protection Act.
In trading Friday, Clear Channel stock closed down 10 cents to $24.88 per share. Since May 31, its share price has dropped from $53.23.
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